Jarir 2020 net profit rises 2% to SAR 1.003 bln

31/01/2021 Argaam Exclusive

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Jarir Marketing Co. reported a net profit after Zakat and tax of SAR 1.003 billion for 2020, a rise of 2% year-on-year (YoY), driven by the rise in the retail sales of electronics, computers, computer supplies, arts supplies, and video games sections.

Financials (M)

Item	2019	2020	Change‬
Revenues	8,424.51	9,305.81	10.5 %
Gross Income	1,273.17	1,328.61	4.4 %
Operating Income	1,021.72	1,052.99	3.1 %
Net Income	984.73	1,002.99	1.9 %
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.82	0.84	1.9 %

The company also cited rise in the number of showrooms from 59 to 63, along with a 10.5% increase in sales, for the profit jump.

This came despite a drop in wholesale and retail sales of school and office supplies which were negatively affected by the shift from the traditional education format to the remote learning to control the spread of COVID-19.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	2,394.06	2,553.83	6.7 %
Gross Income	348.00	362.96	4.3 %
Operating Income	280.44	304.52	8.6 %
Net Income	276.94	287.67	3.9 %
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.23	0.24	3.9 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	2,037.85	2,553.83	25.3 %
Gross Income	334.46	362.96	8.5 %
Operating Income	265.06	304.52	14.9 %
Net Income	255.24	287.67	12.7 %
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.21	0.24	12.7 %

The company reported a 4% YoY increase in net profit after Zakat and tax to SAR 287.6 million in the fourth quarter of 2020.

Shareholders' equity (excluding minority rights) amounted to SAR 1.72 billion in FY2020, compared to SAR 1.64 billion riyals at the end of the same period of 2019.

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