Jarir Chairman says Q3 performance strong despite supply chain crisis, installment sales contract signed

Muhammad Al-Agil, Chairman of Jarir Marketing Co.

Jarir Marketing Co. reported robust financial results for the third quarter of 2021, despite the crisis of global supply chains and shipping, especially for iPhones and computers, as well as the continued online learning for primary students, who account for the majority of school supplies consumers, Chairman Muhammad Al-Agil told Argaam.

The company has a solid inventory of most materials, except for the iPhone and Samsung smartphones, he said in a telephone interview.

Al-Agil expected the company to deliver strong performance in the fourth quarter of the year, if the crisis of supply chains and shipping, especially for iPhones, comes to an end.

Moreover, Jarir reported 5% installment sales in Q3 2021, while export sales were “very minimal”, Al-Agil noted.

To this end, the top executive revealed that the company signed a sales installment agreement with a bank, effective from Nov. 1.

He expected this agreement to provide a better experience for consumers at affordable prices.

Al-Agil concluded that Jarir will open new branches in Bahrain and Sharjah by 2022.

Jarir reported a net profit after Zakat and tax of SAR 729.4 million for the first nine months of 2021, compared to SAR 715.3 million a year earlier. Its bottom line reached SAR 272.5 million in the third quarter, Argaam reported.