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Jarir Marketing Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 2,010.52,015.3-0.242,286.9-12.09
Gross Profit (Loss) 248.6262-5.11325.1-23.53
Operational Profit (Loss) 191.8205.6-6.71267.9-28.41
Net Profit (Loss) after Zakat and Tax 177.2189.2-6.34251.3-29.49
Total Comprehensive Income 174.9189.4-7.66240.6-27.31
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 4,297.44,545.7-5.46
Gross Profit (Loss) 573.6599.6-4.34
Operational Profit (Loss) 459.7491.1-6.39
Net Profit (Loss) after Zakat and Tax 428.5456.9-6.21
Total Comprehensive Income 415.6456.8-9.02
Total Share Holders Equity (after Deducting Minority Equity) 1,704.61,6483.43
Profit (Loss) per Share 3.573.81
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Reasons for decrease:

Although sales of the current quarter decreased only by less than a quarter of a percentage- point compared to the same quarter of the prior year, but the net profit dropped 6.3% mainly due to the decrease of gross profit by 5.1% as the gross profit margins were impacted by discounts given to boost sales specially smartphones.

Despite the increase of selling and marketing expenses in the current- quarter compared to the same quarter of the prior year as a result of increased spend on ads to support sales, but the impact on the net profit from such increase was largely mitigated by the gain of saudi Riyals 10 million recognized in the current quarter on the sale of the company's property located at Raka district in Khobar.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is Reasons for decrease:

- Decrease in sales of most of the sections specially the school and office supplies, computers and smartphones as compared to the previous quarter of the current year which was positively impacted by the resumption of the study in full attendance for all stages.

- Relative decline of profit margins due to the unfavorable sales mix compared to the previous quarter which involved a greater weight of sales of relatively high profitable sections.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Reasons for decrease:

- Decrease in sales of certain sections specially computers, computer supplies, smartphones and related accessories resulting in the decrease of total sales by 5.5% compared to same period of the prior year.

- Increase of selling and marketing expenses as a result of increased spend on ads to support sales, however, the impact on the net profit from such increase was mitigated by the gain of saudi Riyals 10 million recognized in the current period on the sale of the company's property located at Raka district in Khobar.

Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None
Reclassification of Comparison Items None
Additional Information Comprehensive income in the current period is less than net profit by- around saudi Riyals 13 million mainly due to exchange losses related to the subsidiary in Egypt as a result of the Egyptian authorities decision in March 2022 to devalue the Egyptian Pound currency against the foreign currencies including Saudi Riyal.

A new showroom was opened during the period on 21/2/2022, and a- showroom in Jeddah was closed on 12/5/2022 as part of the slums removal works in Jeddah governorate decided by the authorities.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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