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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Jarir Marketing Co., known as Jarir Bookstore, reported a 6 percent drop in profit during the first half of 2022, as sales of the retail giant fell.
Net profit dropped to SR428 million ($148 million) from SR457 million in the same period a year earlier, the company said in a bourse filing.
This came as revenues slipped by 5.5 percent to SR4.3 billion, on the back of lower sales from smartphones and accessories, and computers and their supplies.
Jarir added that it saw an increase in marketing expenses as a result of increased spending on advertisements, however, the adverse impact of such an increase was mitigated by the gain of SR10 million from the sale of the company's property in Khobar.
In a separate bourse filing, the company announced it will distribute dividends of SR1.45 per share totaling SR174 million for the second quarter of 2022.
Saudi-listed Jarir started as a small bookshop in 1974, eventually expanding its offerings to toys, electronics, and office supplies.
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