Jarir to spend SAR 200 mln on new showrooms, says chairman

Jarir Marketing Co. plans to spend SAR 200 million in opening open new showrooms in and outside of Saudi Arabia in 2017-2018, Chairman Muhammad Al-Agil told CNBC Arabia.

The company plans to open two showrooms in Kuwait, one in Qatar and four in the Kingdom.

As for Jarir’s financial results for Q1, the increase in net profit was due to an improved performance in the smart devices segment. The company has a 12-15 percent share in the smart devices market, he said.

Improvement in the wholesale business starting 2015 had an impact on the company’s results in Q1, in addition to a decrease in the cost of sales, he said.  

Al-Agil added that now that the state employees have their bonuses and incentives back, the company expected stronger growth for the rest of the year.

Jarir has very good Saudization rates, and it plans to hire 400 new employees in 2017, mostly Saudi nationals, he added.

Jariri’s net profit rose to SAR 221.4 million, a 27 percent year-on-year rise.