Jarir Marketing Co. announces its Annual Estimated Financial Results for the Period Ending on 2020-12-31
| ELEMENT LIST | CURRENT YEAR | PREVIOUS YEAR | %CHANGE | ||||
| Sales/Revenue | 9,305.8 | 8,424.5 | 10.461 | ||||
| Gross Profit (Loss) | 1,328.6 | 1,273.2 | 4.351 | ||||
| Operational Profit (Loss) | 1,100.8 | 1,071 | 2.782 | ||||
| Net Profit (Loss) after Zakat and Tax | 1,002.9 | 984.7 | 1.848 | ||||
| Total Comprehensive Income | 1,004.1 | 990.1 | 1.413 | ||||
| Total Share Holders Equity (after Deducting Minority Equity) | 1,725.1 | 1,645.1 | 4.862 | ||||
| Profit (Loss) per Share | 8.36 | 8.21 | |||||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||||
| ELEMENT LIST | EXPLANATION | ||||||
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Reasons for increase: Although there has been a drop in wholesales and retail sales of school and office supplies which were negatively affected by the shift from the traditional education format to the remote learning to control the spread of coronavirus pandemic, but the increase in retail sales of electronics, computers, computer supplies, arts supplies and video games sections drove the total sales up 10.5%. Increased number of showrooms from 59 to 63 partly contributed to retail sales increase. Despite the sales increase of 10.5%, net income increase was limited to 1.8% due to: - relative decline in profit margins mainly attributed to the change in sales mix, which involved a greater weight of relatively low margin sections. - increase of general and administrative expenses which included the company’s contribution to the Ministry of Health’s Health Endowment Fund for an amount of 20 million Riyals and the company's contribution to support Atta Digital campaign sponsored by the Ministry of Communications and Information Technology for around 5 million Riyals. - increase of zakat expense. - decrease of net other income. | ||||||
| Statement of the type of external auditor's report | Unmodified opinion | ||||||
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | These estimated financial results for the year ended December 31, 2020 are prepared by the management of the Company and have not yet been audited by the external auditor. | ||||||
| Reclassification of Comparison Items | None. | ||||||
| Additional Information | - Four new showrooms were opened during the current year on 10/1/2020, 27/7/2020, 16/9/2020 and 24/11/2020, in addition to a showroom opened on 31/12/2020 as a replacement. The replaced showroom has not yet been shutdown. A showroom in AlAin, UAE, has been showdown in the fourth quarter this year. | ||||||