https://arab.news/4agzs
RIYADH: Saudi Jarir Marketing Co., known as Jarir Bookstore, reported a 6 percent drop in profit during the first quarter of 2022, as sales of the retail giant fell.
Net profit dropped to SR251 million ($67 million) from SR268 million in the same period a year earlier, the company said in a bourse filing.
This came as revenues slipped by 9.6 percent to SR2.3 billion, on the back of lower sales from smartphones and accessories, computers and their supplies, and video games.
Despite the profit decline, Jarir noted that it saw higher sales from the school and office supplies segment after the resumption of in-person education following pandemic shutdowns.
Saudi-listed Jarir started as a small bookshop in 1974, eventually expanding its offerings to toys, electronics, and office supplies.