Saudi retailers' profit expected to jump 39% in Q3

Eight Tadawul-listed retailers are expected to record an average rise of 39 percent year-on-year (YoY) in net profit to SAR 560 million in the third quarter of this year, according to estimates compiled by Argaam. 

Six companies are projected to report stronger profit this quarter.

Abdullah Al Othaim Markets Co.’s earnings are likely to increase four times YoY to SAR 147 million.

Saudi Company for Hardware (SACO) followed with an expected 19 percent increase YoY in net profit.

Meanwhile, Al Khaleej Training and Education Co. and Saudi Marketing Co. (Farm Superstores) are projected to see profit declines of 38 percent and 13 percent YoY, respectively.

Home appliance retailer United Electronics Co. missed average estimates by 7 percent, with a net income of SAR 26 million.

Jarir Marketing Co., however, beat analysts’ forecasts by 2 percent. 

Aljazira Capital provided coverage for five firms, while Riyad Capital and SICO covered one firm each.