Jarir’s net profit is expected to rise at least 15 percent in 2014, CEO

Jarir Marketing Co., Saudi Arabia’s largest office supplies and electronics retailer, said preliminary sales report in the 1st quarter indicates an increase in sales in all categories except computers, while smart phones sales were slightly higher.

The drop in computers’ sales was still less than the global 30 percent decline as more people are buying smart phones instead, the company’s Chief Executive Officer Mohammed al-Agil told the al-Arabiya television.

He expected net profit to increase 15 -to 20 percent in 2014 on expansion plans in Saudi Arabia and the Gulf despite the challenging and competitive environment.

Sales of stationeries and books will continue to grow, he added.

Jarir plans to increase the number of its stores to 60 by 2018, or 6 to 7 new branches a year, he said.

Jarir posted a 11 percent rise in Q1 2014 profit to SAR 201.3 million or -SAR 2.24 a share- compared to the same period last year.