ELEMENT LIST

EXPLANATION

Announcement Detail

Jarir Marketing Company announces the closure of its showroom located in the Jimi Mall in Al Ain, Abu Dhabi, United Arab Emirates, as of 22/11/2020.

The reason for the closure is that the showroom performance continues below expectations and that it is unlikely that the performance will improve in the near future.

Note that the financial impact resulting from this is not material and the closing losses are mainly represented in the losses of terminating the lease contract and the losses of the book value of some assets and other expenses. The total losses are estimated at 4.6 million riyals, which were recorded in the financial statements for the third quarter of 2020.