Jarir’s Q2 results in line with estimates: Alistithmar Capital

Jarir Marketing Company’s second quarter financial results were in line with estimates, said Alistithmar Capital, the investment arm of Saudi Investment Bank.

The firm maintained its “neutral” rating for the company and reduced the target price from SAR 230 to SAR 215 per share.

Jarir’s growth is linked to a rise in consumer spending. The bookstore has been able to reach more customers by opening new showrooms and adding new electronics and products, the firm added.

Jarir said on Wednesday that it reported a net profit of SAR 401.9 million in H1-2015, a 19 percent increase compared to the same period last year.

The company’s Q2 net profit was SAR 154.9 million, 14.6 percent higher compared to the same period last year, according to data compiled by Argaam.