Jarir’s net profit rises 1% to SAR 715.3 mln in 9M 2020

11/10/2020 Argaam Exclusive

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Jarir Marketing Co. (JMC) reported a net profit after Zakat and tax of SAR 715.3 million for the first nine months of 2020, a marginal rise of 1% year-on-year (YoY), driven by a 12% growth in sales, due to a rise in the retail sections, the computers and the smart phones.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	6,030.45	6,751.99	12.0 %
Gross Income	925.17	965.65	4.4 %
Operating Income	741.28	748.48	1.0 %
Net Income	707.79	715.32	1.1 %
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.59	0.60	1.1 %

In Q3 2020, net profit after Zakat and tax fell by 16.3% YoY to SAR 255.2 million, hit by a decline in sales of several retail sections, particularly school and office supplies, as well as smart phones. Net profit was also hit by lower sales in most wholesale sections.

School and office supplies, and wholesale sections were negatively affected by the precautionary measure taken by the competent authorities to shift the traditional education process to remote learning. Sales were also hit by the VAT hike from 5% to 15%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	2,251.23	2,037.85	(9.5 %)
Gross Income	389.14	334.46	(14.1 %)
Operating Income	314.68	265.06	(15.8 %)
Net Income	304.97	255.24	(16.3 %)
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.25	0.21	(16.3 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	2,373.92	2,037.85	(14.2 %)
Gross Income	303.74	334.46	10.1 %
Operating Income	218.90	265.06	21.1 %
Net Income	208.39	255.24	22.5 %
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.17	0.21	22.5 %

When compared to the previous quarter, Jarir’s net profit jumped 22.4%, on a decrease in general and administrative expenses, which included a contribution of SAR 20 million to the Ministry of Health’s Health Endowment Fund in Q2 2020.

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