Jarir 9M 2024 profit slightly lower to SAR 698.6M; Q3 at SAR 308.2M

14/10/2024 Argaam Exclusive

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Jarir Marketing Co.’s (JMC) net profit saw a marginal decline to SAR 698.6 million in the first nine months of 2024, from SAR 699.9 million in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	7,792.42	7,966.50	2.2 %
Gross Income	947.72	971.70	2.5 %
Operating Income	755.40	758.50	0.4 %
Net Income	699.86	698.60	(0.2 %)
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.58	0.58	(0.2 %)

The nine-month profit fall was due to higher selling, marketing, general, administrative, and non-operating expenses.

This was despite an increase of total sales by 2.2%, mainly due to a rise in sales of the smart phones, computers, and tablets sections.

Gross profit increased by 2.5%, surpassing the sales growth rate due to an improvement in smartphone profit margins resulting from discounts received from vendors. In addition, other income moved higher.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	2,639.04	2,666.70	1.0 %
Gross Income	384.41	414.60	7.9 %
Operating Income	316.10	331.90	5.0 %
Net Income	296.33	308.20	4.0 %
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.25	0.26	4.0 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	2,649.95	2,666.70	0.6 %
Gross Income	262.47	414.60	58.0 %
Operating Income	189.00	331.90	75.6 %
Net Income	171.09	308.20	80.1 %
Average Shares	1,200.00	1,200.00	-
EPS (Riyals)	0.14	0.26	80.1 %

The third-quarter net profit rose by 4% to SAR 308.2 million, from SAR 296.3 million in Q3 2023, buoyed by an increase in total sales by 1% year-on-year (YoY) due to a rise in sales of computers, tablets, and smart phones.

On a quarter-on-quarter basis, Q3 2024 net earnings jumped 80.1% from SAR 171.1 million in Q2 2024.

Total shareholders’ equity, no minority interest, stood at SAR 1.77 billion as of Sept. 30, 2024, compared to SAR 1.79 billion a year earlier.

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Quarterly Actuals vs Estimates 14/10/202406/10/2024

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
JARIR	307.22	308.20	0.3 %
ALMARAI	575.38	570.45	(0.9 %)

Company	Estimated	Actual	Change
JARIR	307.22	308.20	0.3 %

Company	Estimated	Actual	Change
ALMARAI	575.38	570.45	(0.9 %)

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