Jarir Bookstore of Saudi Arabia has reported a six percent drop in profit to $114 million in the first half of the current year.
Consequently, its shares fell 2.78 percent to $39 on Sunday.
The retail giant saw its profits drop by 6 percent during the first half of 2022, on the back of lower sales.
The company’s net profit dropped to SR428.5 million ($114 million), compared to SR456.9 million in the previous year, according to bourse filings.
This decline was caused by a 5.5 percent drop in sales compared to the same period last year along with higher marketing and sales expenses.
