Jarir’s Q2 profit beats estimates, says NCB Cap

Jarir Marketing Co. reported a strong set of results for Q2 2018, as its SAR 162.6 million net income topped NCB Capital and average analysts’ forecasts of SAR 146.5 million and SAR 151 million, respectively, NCB Capital said in an earnings review.

The solid results were driven by new store openings and higher profit margins, thanks to efficient management of inventory and operating expenses.

The brokerage firm added that it recommended an “overweight” rating on Jarir, setting its target price at SAR 209.60.