Saudi retailer Jarir Marketing Q3 profit up 7.6%, matches forecast

Dubai: Jarir Marketing, Saudi Arabia’s largest retailer by market value, posted a 7.6 per cent rise in third-quarter net profit on Thursday, in line with analysts’ forecasts.

It made a profit of 218.5 million riyals ($58.3 million) in the three months to Sept. 30, up from 203 million riyals in the same period a year earlier, it said in a bourse statement. Five analysts polled by Reuters had on average forecast Jarir would make a quarterly net profit of 223.9 million riyals. The company said the earnings increase was due to a rise in sales, four new showrooms and lower financial charges on loans.