The Clap
Jarir Marketing (4190) recorded net profits of SAR 973 million during the last year. This is compared to SAR 969.8 million in 2022.
What
The increase in profits for the company, known as “Jarir Bookstore,” is attributed to a 12.8% growth in its annual total sales. This growth was driven by increased sales across various departments, especially smartphones, video games, and computers.
So What
Jarir noted the opening of three new showrooms during 2023, in the Emirate of Sharjah in the UAE, as well as in The Avenues Mall in Kuwait, and Asala district at Haramain Road in Jeddah governorate.
Some Context
The difference between comprehensive income and net profit for the last year includes currency exchange losses of SAR 12 million (compared to SAR 29 million in 2022). These losses are related to Jarir’s subsidiary in Egypt, following the Egyptian government’s decision to devalue the Egyptian pound against foreign currencies, including the Saudi Riyal, since March 2022.
