Jarir Marketing Company reported a marginal increase in its net profit for 2024, reaching SAR 974 million, up from SAR 973 million in 2023. This marks a growth of just 0.1%. The company released its preliminary financial results for the year ending December 31, 2024.
Operating profit rose to SAR 1.05 billion, a 0.74% increase from SAR 1.045 billion in the previous year.
Earnings per share (EPS) remained stable at SAR 0.81, the same as in 2023.
The company attributed the slight rise in profits to a 2.2% increase in revenue, primarily driven by higher sales in the smartphone, computer, and tablet segments. While gross profit grew by 3.8%, outpacing the sales increase, this was offset by higher expenses, including those related to sales, marketing, administration, and non-operating costs. Improved profit margins in key segments, particularly smartphones benefiting from supplier discounts, contributed to the rise in gross profit. However, the increase in expenses limited the overall net profit growth.
