Higher sales boosted Jarir’s Q2 earnings, says CEO

Jarir Marketing Co.’s robust figures in Q2 2017 were boosted by higher sales of smart phones, increased market share, higher number of showrooms, and improved profit margins, CEO Muhammad Al Agil told Argaam.

Jarir’s net profit rose 17 percent year-on-year (YoY) to SAR 147.8 million for the period, Argaam reported.

Jarir has acquired a big share of the mobile market, capitalizing on the Saudization of the telecommunication sector, Al Agil noted, adding that the sector achieved a 100 percent Saudization rate last month.

Also, Al Agil said the bookstore operator has decided to bear the increase in fees on foreign employees. He estimated that the financial impact would be at around SAR 7 million this year and SAR 13 million next year.

He added that Jarir was committed to its expansion plans, where it is targeting more than six branches launches this year.