Jarir Marketing Co. reported a net profit after Zakat and tax of SR 1.002 billion ($267.15 million) for the fiscal year 2020, a rise of 2 percent year-on-year (YoY), driven by the rise in the retail sales of electronics, computers, computer supplies, arts supplies, and video games sections.
The company also cited rise in the number of showrooms from 59 to 63, along with a 10.5 percent increase in sales, for the profit jump.
This came despite a drop in wholesale and retail sales of school and office supplies which were negatively affected by the shift from the traditional education format to the remote learning to control the spread of COVID-19.
The company reported a 4 percent YoY increase in net profit after Zakat and tax to SR 287.6 million in the fourth quarter of 2020.
Shareholders’ equity (excluding minority rights) amounted to SR 1.72 billion in FY2020, compared to SR 1.64 billion riyals at the end of the same period of 2019.
Jarir donates SR20m to Health Endowment FundRetailer Jarir expects ‘modest’ growth, plans expansion