Jarir Marketing Co. announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )
ELEMENT LIST | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | %CHANGE | PREVIOUS QUARTER | % CHANGE |
| Sales/Revenue | 1,892.6 | 1,693.3 | 11.769 | 1,886.6 | 0.318 |
| Gross Profit (Loss)) | 233.9 | 212.5 | 10.07 | 302.1 | -22.575 |
| Operational Profit (Loss) | 190.6 | 164.4 | 15.936 | 253.9 | -24.931 |
| Net Profit (Loss) after Zakat and Tax | 169.1 | 162.6 | 3.997 | 233.7 | -27.642 |
| Total Comprehensive Income | 173.2 | 162.6 | 6.519 | 233.7 | -25.887 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
ELEMENT LIST | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | %CHANGE | ||
| Sales/Revenue | 3,779.2 | 3,292.7 | 14.775 | ||
| Gross Profit (Loss) | 536 | 455.2 | 17.75 | ||
| Operational Profit (Loss) | 444.5 | 385 | 15.454 | ||
| Net Profit (Loss) after Zakat and Tax | 402.8 | 381.7 | 5.527 | ||
| Total Comprehensive Income | 406.9 | 381.7 | 6.602 | ||
| Total Share Holders Equity (after deducting minority equity) | 1,529.9 | 1,562.2 | -2.067 | ||
| Profit (Loss) per Share | 3.36 | 3.18 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
ELEMENT LIST | EXPLANATION |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | Reason for increase to Increase in sales of most of sections particularly electronics section driven by smart phones sales, and computers section. Increased number of showrooms from 52 to 58 partly contributed to increased retail sales. Despite estimated sales increase of 11.8%, estimated net income increase was limited to 4.0% due to relative decline in profit margins attributed to promotional price offers for increased market share and change in sales mix, and due to operating costs of the new showrooms and increased non-operating expenses. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Reason for decrease to: |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | Reason for increase to Increase in sales of most of sections particularly electronics section driven by smart phones sales, and computers section. Increased number of showrooms from 52 to 58 partly contributed to increased retail sales. Despite estimated sales increase of 14.8%, estimated net income increase was limited to 5.5% due to increased general & administrative expenses, marketing & selling expenses and non-operating expenses. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification in quarter financial result | Certain comparative figures of the prior period have been reclassified to conform with the presentation of the current period. |
| Additional Information | The company applied IFRS 16 with a date of initial application of 1 January 2019. The application resulted a significant impact on the classification of leases of the Company and its subsidiaries (as lessees) in the statement of income, as the rent expenses are replaced with depreciation of right of use and finance cost. This resulted in a significant increase in both depreciation expense and finance cost and a significant decrease of rent expense as compared to the prior periods. The increase of finance cost is attributed to the use of present value concept in the application of IFRS 16. When comparing the current period with same period of prior year, it should be noted that a significant portion of the currently presented as finance cost was included in the determination of gross profit and income from operations in the prior periods presented. For more information, when the financial statements of the second quarter of 2019 are issued, please refer to footnote on the application of IFRS 16. |