Saudi bookstore chain post 10% rise in Q1 profit

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Time: September 02, 2018  

Jarir Marketing Co’s first-quarter net profit up on the back of higher electronics sales

Saudi Arabia-based bookstore chain Jarir Marketing Co’s first-quarter net profit rose 10.1 percent on the back of higher electronics sales, the firm said in a statement on Wednesday, beating the average forecast of analysts.

Jarir posted a net profit of SR180.8m ($48.2m) for the first three months of 2013, compared with SR164.2m for the corresponding period of last year, it said in a bourse filing.

Nine analysts polled by Reuters had, on average, forecast a first-quarter net profit of SR176.4m.

Turnover for the first quarter was SR1.33bn, 11.2 percent higher than the same three months of 2012, with the firm citing higher sales of electronics, in particular tablet computers and smart phones.

The company also proposed a cash dividend of 2.4 riyals per share for the first-quarter, it said in a separate statement.

This article was first published in Arabian Business

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