Jarir Marketing Co. (JMC) lowered product prices during the second quarter in an attempt to gain market share, Muhammad Al Agil, chairman of Jarir Group, told Al-Arabiya on Wednesday.

 

Al Agil revealed that the retailer had seen higher sales within some of its products over the period.

 

Results in Q2 were also hit by lower consumption and a steep decline in corporate purchasing across the region, he added.

 

On Tuesday, Jarir reported a second-quarter net profit of SAR 128.5 million, a 17 percent year-on-year drop.

 

JMC, one of Saudi Arabia’s largest retailers by market value, is a subsidiary of holding company Jarir Group.

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