Jarir Marketing Company achieved a 4% growth in its fourth quarter of 2020 profits to reach 287.6 million riyals.
According to Arabiya Net, the company achieved annual profits of 1.002 billion riyals in 2020, compared to 990 million riyals in 2019, with a growth of 1.8%.
Jarir's operating profits reached 1.1 billion riyals, compared to 1.07 billion riyals in 2019, with a growth of 2.7%.
The company said that despite the decrease in retail and wholesale sales of school and office supplies, which were negatively affected by the shift in the study pattern to distance education to limit the spread of the Coronavirus pandemic, the rise The retail sales of the electronics, computer and its supplies, technical supplies and video games departments contributed to the total sales by 10.5%.
The increase in the number of showrooms from 59 to 63 stores also partially contributed to the increase in retail sales.
and despite the increase in sales by 10.5%, the increase in net profit amounted to 1.8% due to the relatively low gross margin due to the difference in the sales mix that included a larger component of the divisions With relatively low profitability, and an increase in general and administrative expenses, which included the company's support for the Health Endowment Fund at the Ministry of Health with an amount of 20 million riyals, and support for the We Are All Tender campaign of the Ministry of Communications and Information Technology's digital bid initiative, by about 5 million riyals.
