Saudi retailer Jarir Bookstore’s shares fall after profits drop to $114m in H1 

RIYADH: Shares of Saudi Jarir Marketing Co., known as Jarir Bookstore, fell 2.78 percent in Sunday's closed trading, following a decline in first-half profits.

The share price reached SR147 ($39), compared with SR151.20 the previous close.

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.