Jarir Marketing to open seven new branches, says chairman

Jarir Marketing Company, which operates Jarir Bookstores in Saudi Arabia, plans to open seven new​ branches this year​, said Mohammad Al-Aqeel, company chairman.

Some of the new stores will be located in the kingdom, while others will open in Abu Dhabi and Kuwait, increasing the company’s total branches to 43.

The cost of establishing these branches is estimated at SAR 200 million, Al-Aqeel said in an interview with CNBC Arabia.

The branches will be financed internally through the company’s cash surplus after the distribution of profits.

The company will not be affected by lower oil prices, he added.

Jarir said on Wednesday that its quarterly results for the fourth quarter of 2014.

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grew by 26 percent to SAR 200.8 million riyals, compared to the same period of fiscal year 2013, according to data compiled by Argaam.