Jarir Surpasses Extra with Record Profits

Jarir Company, one of the largest electronics and mobile phone retailers in the Middle East, achieved record profits during the third quarter of the year, totaling approximately 374 million SAR, a growth of over 15%, marking the fastest profit growth since 2020. Revenues increased by 8% to 3.15 billion SAR, driven by higher sales in most segments, especially smartphones following the launch of iPhone 18, along with improved profit margins due to the company's focus on higher-margin products and cost management. Additionally, Jarir opened 8 new branches during the quarter, including one in Kuwait, expanding its geographic presence. The company's profits outperformed its competitor, Extra, which experienced a 27% decline in profits during the same period, with Jarir’s overall profit margins reaching approximately 16%. Its stock price rose by 8.2% after the results, further reinforcing its market leadership.

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