Jarir Marketing Company announces the estimated financial results for the period ending on 30-06-2019 SIX Months)
|Element List||Current Quarter||Similar quarter for previous year||%Change||Previous Quarter||% Change|
|Total Profit (Loss)||233.9||212.5||10.07||302.1||-22.575|
|Profit (Loss) Operational||190.6||164.4||15.936||253.9||-24.931|
|Net Profit (Loss) after Zakat and Tax||169.1||162.6||3.997||233.7||-27.642|
|Total Comprehensive Income||173.2||162.6||6.519||233.7||-25.887|
|All figures are in (Millions) Saudi Arabia, Riyals|
|Element List||Current Period||Similar period for previous year||%Change|
|Total Profit (Loss)||536||455.2||17.75|
|Profit (Loss) Operational||444.5||385||15.454|
|Net Profit (Loss) after Zakat and Tax||402.8||381.7||5.527|
|Total Comprehensive Income||406.9||381.7||6.602|
|Total Share Holders Equity (after deducting minority equity)||1,529.9||1,562.2||-2.067|
|Profit (Loss) per Share||3.36||3.18|
|All figures are in (Millions) Saudi Arabia, Riyals|
|Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year||Reason for increase to Increase in sales of most of sections particularly electronics section driven by smart phones sales, and computers section. Increased number of showrooms from 52 to 58 partly contributed to increased retail sales. Despite estimated sales increase of 11.8%, estimated net income increase was limited to 4.0% due to relative decline in profit margins attributed to promitional price offers for increased market share and change in sales mix, and due to operating costs of the new showrooms and increased non-operating expenses.|
|Reason for increase (decrease) in net profit for current quarter compared to the previous quarter||Reasons for decrease: |
- Relative decline in profit margins attributed to sales mix which involve relative sales increase in low-margin products as compared to the previous quarter.
- Decrease in wholesales which are affected by back to school seasons.
|Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year||Reason for increase to Increase in sales of most of sections particularly electronics section driven by smart phones sales, and computers section. Increased number of showrooms from 52 to 58 partly contributed to increased retail sales. Despite estimated sales increase of 14.8%, estimated net income increase was limited to 5.5% due to inreased general & administrative expenses, marketing & selling expenses and non-operating expenses.|
|Type of the external auditor's opinion||Unmodified opinion|
|External auditor's report containing reservation||These estimated financial results for the period ended June 30, 2019 are prepared by the management of the Company and have not yet been reviewed by the external auditors.|
|Reclassifications in quarter financial result||Certain comparative figures of the prior period have been reclassified to conform with the presentation of the current period.|
|Additional Information||The company applied IFRS 16 with a date of initial application of 1 January 2019. The application resulted a significant impact on the classification of leases of the Company and its subsidiaries (as lessees) in the statement of income, as the rent expenses are replaced with depreciation of right of use and finance cost. This resulted in a significant increase in both depreciation expense and finance cost and a significant decrease of rent expense as compared to the prior periods. The increase of finance cost is attributed to the use of present value concept in the application of IFRS 16. When comparing the current period with same period of prior year, it should be noted that a significant portion of the currently presented as finance cost was included in the determination of gross profit and income from operations in the prior periods presented. For more information, when the financial statements of the second quarter of 2019 are issued, please refer to footnote on the application of IFRS 16. |
For all periods presented, earnings per share information is calculated based on the new number of shares post the capital increase through bonus shares on 28 October 2018, the date on which the Extraordinary General Assembly approved the capital increase.
Increase of comprehensive income over net income is mainly attributed to foreign exchnage gain resulting from the subsidiary in Egypt due to favorable changes in exchange rate of EGP against SAR.
Three new showrooms were opened during the period on 24/3/2019, 30/4/2019 and 16/5/2019.
The Capital Market Authority and the Saudi Stock 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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1440/12/05 06/08/2019 09:19:29
1440/12/05 06/08/2019 08:55:29
1440/12/05 06/08/2019 08:53:29
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