Jarir posts robust Q4 2022 profit, revenue; shipping rates falling: CEO

Muhammad Alagil, CEO of  Jarir Marketing Co. (JMC)

Jarir Marketing Co. (JMC) reported robust results on revenue and profit levels in Q4 2022, backed by the reopening of schools and iPhone sales, CEO Muhammad Alagil told Al-Arabiya TV.

Shipping rates continue to drop, and some costs were passed to the company’s customers.

The rates are expected to be near pre-pandemic levels, the CEO said, citing a link with oil prices.

He explained that Jarir was affected by competition, changes in consumer behavior and the quality of purchases.

Elsewhere, Alagil affirmed that JMC will unlikely be impacted by higher interest rates, for having zero loans and surplus cash. It will maintain cash dividends.

JMC reported a net profit after Zakat and tax of SAR 969.8 million for 2022, a decline of 2% from SAR 991.9 million a year earlier. In the fourth quarter, net profit reached SAR 267.6 million, Argaam reported.