Dubai, UAE — Jarir Marketing Company has reported a 4.44 percent decrease in net profit for the first half of 2023 to SAR403.5 million ($107.5 million), from 459.7 million in the first half of 2022.
The company’s sales/revenue increased by 19.92 percent to 5.153 billion in the first half, compared to the same period last year, the company said in a Tadawul statement.
The company said that despite the increase of 19.9% in sales, especially smartphones and related accessories, computers and video games sections, the gross profit witnessed a decrease of 1.8 percent because of discounts to promote sales, and due to the change in the sales mix towards the relatively less profitable sections.
The fall in net profit for H1 was also attributed to an increase in selling and marketing expenses to promote sales, decrease in other income and an increase in financing cost as a result of increased borrowing.
