Profits of listed retail firms rise 3% to SR1.12bn in H1

Profits of retail firms listed on Saudi stock market (Tadawul) rose by 3 percent to SR1.12 billion in the first half of 2013 compared to SR1.09 billion in the same period last year, local media said.
The retail sector is composed of 12 joint stock companies with their market capitalization valued at SR44.6 billion, or 2.93 percent of the market value of the total Tadawul listed companies. The capital of the retail sector firms stands at SR5.3 billion.
Performance of retail sector companies varied during H1, 2013. Profits of Jarir Marketing rose by 17.94 percent to SR126.2 million in H1 compared to SR107 million in the same period last year.
On the other hand, Othaim Markets realized net profits of SR307.1 million in H1 compared to SR271.2 million in H1 2012, or an increase of 13.24 percent, according to Al-Hayat daily.
Meanwhile, profits of Mouwasat Co. rose by 14 percent to reach SR106.7 million in H1, 2013 compared to SR93.6 million in H1 2012. The United Electronics Co. (eXtra) recorded net profits of SR79.5 million compared to SR72.1 in H1, 2012, or an increase of 10.26 percent.
The company attributed the rise in profits to the increase of sales and opening of more stores from 27 to 35 branches.
Profits of some companies declined in the said period. For example, profits of Dallah Medical Services Holding Co. dropped by 36.39 percent to SR23.6 million in Q2, 2013 compared to SR36.1 million in Q2, 2012. Likewise, net profits of the National Company for Medical Care also dropped by 25 percent to SR22.2 million in Q2 compared to SR29.6 million in Q2, 2012.
Profits of Saudi Automotive Services Co. (SASCO) rose by 9.37 percent in Q2, 2013 to SR10.27 million compared to SR9.39 million in the comparable period last year.
Similarly, four companies registered positive growth in their profits during Q2, 2013 including the National Company for Agro Marketing (Thimar), which achieved profits of SR2.76 million (+7.91 percent), Aldress Petroleum SR27.4 million (+ 16.10 percent), Al-Hukair SR165.2 million (+21.59 percent), and Gulf Training and Education SR18.32 million (+ 75.53 percent).
Fitaihi Holding Group (FHG) recorded modest profits of SR11.85 million in Q2 2013 compared to SR11.68 million in the same period last year, or a marginal increase of 1.46 percent, the report said.