The Board of Directors of Jarir Marketing Company decided to distribute cash dividends of 2.1 riyals per share for the third quarter of 2020.
According to Arabiya Net, the company clarified in a statement that the dividend value of 252 million riyals is distributed to 120 million shares.
and indicated that the eligibility of profits is for the shareholders of the company who own the shares on November 9, 2020, and who are registered at the end of the second trading day following the maturity date.
It also indicated that the distribution of profits will start on November 18th.
Jarir Marketing's profits in the third quarter decreased by 16.34% to 255.2 million riyals, compared to 305 million riyals during the same period last year.
The company indicated that its profits during the first nine months grew by 1% to 715.3 million riyals.
the company attributed the reasons for the decline during the third quarter to:
- Decline in sales in many retail departments, especially the departments of school supplies, office supplies and smartphones, in addition to a decrease in most wholesale departments; Where the sales of school and office supplies departments and wholesale sections were negatively affected by the precautionary measure taken by the competent authorities to transfer the study pattern to distance education to limit the spread of the Coronavirus pandemic.
- Sales were also affected overall by the implementation of the increase in the value-added tax rate from 5% to 15%, which started at the beginning of the current quarter.
- The delay in the launch of the new version of the iPhone has also contributed to a decrease in smartphone sales compared to the same quarter of the previous year.
- The great negative impact on the back-to-school season has led to a relative decrease in gross profit margin due to the negative change in sales displacement, which partially contributed to the decline in net profit by Greater than the decrease in sales.
