RIYADH: Jarir Marketing Co.’s third quarter profits grew by 7 percent to SR272.5 million, according to its bourse filing.
The company cited partial reopening of schools and the release of the new iPhone 13 as reasons for a rise in earnings.
“Although iPhone’s profit margins are barely 5-6 percent, but the decrease of administrative costs helped us to benefit from the low margin,” said Muhammad Al-Agil , CEO of Jarir investment in an interview with Al Arabiya.
“When schools schedule changes to three semesters, that may also result in more growth in the fourth quarter,” he said.