Jarir’s Q3 results lifted by higher sales, says chairman

Jarir Marketing Co.’s Q3 net profit rose 17 percent year-on-year (YoY) on higher sales during the back-to-school season and improved consumer sentiment, Chairman Muhammad Al-Agil told CNBC Arabia.

Big stores in main cities such as Riyadh drove the rise in sales, Al-Agil said.

The company operates 53 stores, wherein electronics sales account for over 60 percent of sales in the third quarter, followed by stationary.

Its online sales have seen growth in the third quarter, and are set to represent 2.5 percent of Jarir’s total sales by the end of 2018. “We see our e-commerce further expanding in the coming years,” he said.

According to data compiled by Argaam, the Saudi retailer reported a net profit of SAR 288 million for Q3 2018, compared to SAR 246.50 million a year earlier.