Jarir Marketing Co. announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )
| ELEMENT | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | % CHANGE | PREVIOUS QUARTER | % CHANGE | ||
| Sales/Revenue | 2,251.2 | 1,932.1 | 16.515 | 1,892.6 | 18.947 | ||
| Gross Profit (Loss) | 389.1 | 338.6 | 14.914 | 233.9 | 66.353 | ||
| Operational Profit (Loss) | 329.3 | 294.6 | 11.778 | 190.6 | 72.77 | ||
| Net Profit (Loss) after Zakat and Tax | 305 | 288 | 5.902 | 169.1 | 80.366 | ||
| Total Comprehensive Income | 306.6 | 288 | 6.458 | 173.2 | 77.02 | ||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||||
| ELEMENT | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | % CHANGE | ||||
| Sales/Revenue | 6,030.5 | 5,224.8 | 15.42 | ||||
| Gross Profit (Loss) | 925.2 | 793.8 | 16.553 | ||||
| Operational Profit (Loss) | 773.8 | 679.6 | 13.861 | ||||
| Net Profit (Loss) after Zakat and Tax | 707.8 | 669.7 | 5.689 | ||||
| Total Comprehensive Income | 713.5 | 669.7 | 6.54 | ||||
| Total Share Holders Equity (after Deducting Minority Equity) | 1,668.5 | 1,688.2 | -1.2 | ||||
| Profit (Loss) per Share | 5.9 | 5.58 | |||||
| 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 | Reasons for increase: Increase in sales of most of sections particularly electronics section driven by smart phones sales, and computers section. Increased number of showrooms from 53 to 59 partly contributed to increased retail sales. Despite sales increase of 16.5%, net income increase was limited to 5.9% due to relative decline in profit margins attributed to promotional price offers and change in sales mix, and due to increased selling & marketing expenses and non-operating expenses. | ||||||
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Reasons for increase: - Increase in retail sales in most of sections enhanced by back to school .season - Increase in wholesales which are .strongly linked to back to school season - Improved profit margins attributed to change in sales mix in favor of relatively high profit margin sections. | ||||||
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | Reasons for increase: Increase in sales of most of sections particularly electronics section driven by smart phones sales, and computers section. Increased number of showrooms from 53 to 59 partly contributed to increased retail sales. Despite estimated sales increase of 15.4%, net income increase was limited to 5.7% due to relative decline in profit margins attributed to promotional price offers and change in sales mix, and due to increased selling & marketing expenses and non-operating expenses. | ||||||
| Basis of the External Auditor's Opinion | Unmodified opinion | ||||||
| Reclassification of Comparison Items | '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 finance cost was included in the determination of gross profit and income from operations in the prior periods presented. For more information, please refer to footnote on the application of IFRS 16 in the financial statements of the third quarter of 2019. For all periods presented, earnings per share information is calculated based on the new number of shares post the capital increase through bonus shares on 28 October 2018, the date on which the Extraordinary General Assembly approved the capital increase. Increase of comprehensive income over net income is mainly attributed to foreign exchange gain resulting from the subsidiary in Egypt due to favorable changes in exchange rate of EGP against SAR. Four new showrooms were opened during -the period on 24/3/2019, 30/4/2019, 16/5/2019, and 1/8/2019. | ||||||