2023/07/16 numbers – special
The profits of Jarir Marketing Company, which owns a chain of bookstores in Saudi Arabia, Qatar, Kuwait, and Abu Dhabi, and is considered one of the largest sellers of computers in the region, decreased to 403.5 million riyals at the end of the first half of 2023, compared to profits of 428.5 million riyals achieved during the same period in 2022.
Summary of Financial Results (Million)
The company said that the reason for the decrease in profits during the current period compared to the same period of the previous year is due to:
– High selling and marketing expenses to stimulate sales.
Decreased other income.
– High cost of financing as a result of increased borrowing.
– The decrease in gross profit by 1.8% due to discounts on selling prices to stimulate sales, especially smart phones and computers, and due to the change in the sales mix towards the relatively less profitable sections.
This came despite:
– Sales increased by 19.9% as a result of the increase in sales of most departments, especially smartphones and accessories, computers and video games.
Quarterly comparison (million)
previous similar
Compared to item 2nd quarter 2022 2nd quarter 2023 Change in revenue 2,010.48 2,435.70 21.2% Total income 248.59 239.60 (3.6%) Operating income 191.80 174.80 (8.9%) Net income 177.16 155.80 (12.1%) Average number of shares 1.20 0.00 1,200.00 – earnings per share (Syria) 0.15 0.13 (12.1%) Item First Quarter 2023 Second Quarter 2023 Revenue Change 2,717.65 2,435.70 (10.4%) Total Income 323.74 239.60 (26.0%) Operating Income 264.50 174.80 (33.9%) Net Income 247.75 1 55.80 (37.1%) average Number of shares 1,200.00 1,200.00 – Earnings per share (SAR) 0.21 0.13 (37.1%)
The company said that the reason for the decline in profits during the current quarter compared to the same quarter of the previous year is due to:
– Decrease in other revenues compared to the same quarter of the previous year, which included the realized profit resulting from the sale of the company’s real estate in Al-Rakah district in Al-Khobar, amounting to about 10 million Saudi riyals.
– High cost of financing as a result of increased borrowing.
– The decline in gross profit by 3.6% due to discounts on selling prices to stimulate sales, especially smart phones and computers, and due to the change in the sales mix towards the relatively less profitable sections.
This came despite:
– An increase in sales by 21.1% as a result of an increase in sales of almost all departments, especially smart phones and accessories, computers and video games.
The company attributed the decrease in profits during the current quarter compared to the previous quarter to:
– Decrease in sales for most of the departments compared to the previous quarter of the current year, which had witnessed record quarterly sales supported by sales of smart phones.
– The decrease in gross profit by a greater percentage than the decrease in sales, as the gross profit decreased by 26% due to discounts on selling prices to stimulate sales, especially smart phones and computers.
Decreased other income.
– High cost of financing as a result of increased borrowing.
additional information:
The company said that shareholders’ equity (there are no minority rights) at the end of the period amounted to 1684.7 million riyals, compared to 1704.6 million riyals at the end of the same period of the previous year.
As stated in the report of the external auditor These estimated financial results for the period ending on June 30, 2023 have been prepared by the company’s management and have not yet been examined by its external auditor.
The current quarter did not witness a significant decrease in the comprehensive income compared to the net profit, but the current period and the similar period of the last year showed a decrease in the comprehensive income compared to the net profit. By devaluing the Egyptian pound against foreign currencies, including the Saudi riyal, which began in March 2022.
The total comprehensive income for the current period amounted to 393.2 million Saudi riyals, compared to the total comprehensive income by 415.6 million Saudi riyals for the same period of the previous year.
The total comprehensive income for the current quarter amounted to 155.4 million riyals, compared to the total comprehensive income for the similar quarter of 174.9 million riyals, and compared to the total comprehensive income of 237.8 million riyals for the previous quarter.
Two new exhibitions were opened during this period, on 24/2/2023 in the University City area in the Emirate of Sharjah in the United Arab Emirates, and on 4/10/2023 in the Avenues Mall in Al-Rai area in the State of Kuwait. The showroom located in Al-Rashid Mall complex in Al-Khobar was also closed, as of 24/2/2023, when it was replaced by another showroom in the same complex with a larger area, which opened on 4/16/2023.
To see more of the announced financial results
2023-07-16 05:47:20
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