Jarir Marketing Co. announces its Annual Estimated Financial results for the period ending on 2023-12-31
07-Feb-2024
| Element List | Current Year | Previous Year | %Change |
| Sales/Revenue | 10,594.9 | 9,391.7 | 12.81 |
| Gross Profit (Loss) | 1,275.9 | 1,287.4 | -0.89 |
| Operational Profit (Loss) | 1,045.1 | 1,018.5 | 2.61 |
| Net profit (Loss) | 973 | 969.8 | 0.33 |
| Total Comprehensive Income | 960 | 956.5 | 0.36 |
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,771.6 | 1,801.5 | -1.66 |
| Profit (Loss) per Share | 0.81 | 0.81 |
All figures are in (Millions) Saudi Arabia, Riyals
All figures are in (Millions) Saudi Arabia, Riyals
| Element List | Amount | Percentage Of The Capital (%) |
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - |
| ELEMENT LIST | EXPLANATION |
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Reasons for increase: Total sales increased by 12.8% due to the increase in sales of several sections led by smartphones, video games, and computers sections. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Reasons for increase: Despite the increase in sales by 12.8%, the gross profit witnessed a slight decrease of less than 1% due to the relative decline in profit margins for several sections, especially smartphones, and due to the change in the sales mix towards the relatively less profitable sections. Despite this slight decrease in gross profit, operating profit increased by 2.6% due to a decrease in selling and marketing expenses and the increase in other income. Despite this increase in operating profit by 2.6%, net profit increased by only 0.3% due to the increase in finance costs and due to the increase in zakat expense compared to last year which witnessed reversal of zakat provision of SR 17 million following the zakat Appeal Committee Ruling in favor of the company related to years 2011 to 2015. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | These estimated financial results for the year ended December 31, 2023 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 | The difference between the comprehensive income and the net profit for the current year includes exchange losses of SR 12 million (SR 29 million for the last year) related to the subsidiary in Egypt as a result of the Egyptian authorities decision to devalue the Egyptian Pound currency against the foreign currencies including Saudi Riyal which started in March 2022. Earnings per share for the two years presented are calculated based on the number of shares of the company amounting to 1,200 million shares after splitting each share into ten shares as decided by the extraordinary general assembly held on May 30, 2023. Three new showrooms were opened during this period, on 24/2/2023 in the University City area in the Emirate of Sharjah in the United Arab Emirates, on 10/4/2023 in the Avenues Mall in Al-Rai area in Kuwait, and on 11/8/2023 in Asala district at Haramain road in Jeddah governorate. The showroom located in Al-Rashid Mall in Al-Khobar was closed as of 24/2/2023, as it was replaced by another showroom in the same complex with a larger area which was opened on 16/4/2023. The company also closed its showroom located in Dalma Mall in Abu Dhabi, United Arab Emirates, as of 1/12/2023. |