Jarir Marketing Co. announces its Interim Financial Results for the Period Ending on 2022-09-30 ( Nine Months )
09-Nov-2022
| ELEMENT LIST | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | %CHANGE | PREVIOUS QUARTER | % CHANGE |
| Sales/Revenue | 2,517 | 2,224.5 | 13.15 | 2,010.5 | 25.19 |
| Gross Profit (Loss) | 372.3 | 344.1 | 8.2 | 248.6 | 49.76 |
| Operational Profit (Loss) | 49.76 | 292.6 | -0.44 | 191.8 | 51.88 |
| Net Profit (Loss) after Zakat and Tax | 273.7 | 272.5 | 0.44 | 177.2 | 54.46 |
| Total Comprehensive Income | 270.9 | 272.1 | -0.44 | 174.9 | 54.89 |
All figures are in (Millions) Saudi Arabia, Riyals
| ELEMENT LIST | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | %CHANGE |
| Sales/Revenue | 6,814.4 | 6,770.2 | 0.65 |
| Gross Profit (Loss) | 945.9 | 943.7 | 0.23 |
| Operational Profit (Loss) | 751 | 783.7 | -4.17 |
| Net Profit (Loss) after Zakat and Tax | 702.2 | 729.4 | -3.73 |
| Total Comprehensive Income | 686.4 | 729 | -5.84 |
| Total Share Holders Equity (after Deducting Minority Equity) | 1,801.5 | 1,752.2 | 2.81 |
| Profit (Loss) per Share | 5.85 | 6.08 |
All figures are in (Millions) Saudi Arabia, Riyals
| ELEMENT LIST | EXPLANATION |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Reasons for increase Although sales of the current quarter increased at 13.1% which were mainly driven by sales of smartphones and school supplies being positively impacted by promotional offers and back to school season, but the gross profit increased at a lower rate of 8.2% mainly due to these promotional offers and discounts given to promote sales and to enhance our market share. Nevertheless, the growth in gross profit has not passed to the net profit which achieved a growth of only 0.4% mainly due to increased selling and marketing expenses as a result of increased spend on ads to support sales and promotional offers, and due to decreased other income which included insurance compensation in the same quarter of the last year of around SAR 11 million. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Reasons for increase - Increase in sales of most of the sections specially the school and office supplies, computers and smartphones being positively impacted by the back to school season and the promotional offers. - Relative increase of profit margins due to the favorable sales mix in the current quarter which involved a greater weight of sales of relatively high profitable sections as compared to the previous quarter. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Reasons for decrease - Despite the slight increase in sales of 0.7%, such slight increase was not enough to cover the increase in selling and marketing expenses as a result of increased spend on ads to support sales and promotional offers, resulting in a decrease in the net profit of 3.7%. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None |
| Reclassification of Comparison Items | None |
| Additional Information | Comprehensive income in the current period is less than net profit by around SAR 16 million mainly due to exchange losses related to the subsidiary in Egypt as a result of the Egyptian authorities decision to devalue the Egyptian Pound currency against the foreign currencies including Saudi Riyal which started in March 2022. Two new showrooms were opened during the period on 21/2/2022 and 8/9/2022 in Jeddah and Manama city in Bahrain respectively, and a showroom in Jeddah was closed on 12/5/2022 as part of the slums removal works in Jeddah governorate decided by the authorities. |