Jarir’s (4190) net profit declined by 2.2% by the end of 2022, compared to 2021.
Jarir explained that its annual profits decreased due to the decrease in other revenues and the increase in selling and marketing expenses.
The increase in these costs were driven by increased spending on advertising to support sales and promotions.
Jarir’s sales increased by 3.3% as a result of more sales in most of its divisions, especially school and office supplies and smart phones.
The company’s chairman expects Jarir to not be affected by high interest rates in the coming period, due to the decrease in the volume of its loans.
He also added that there is a financial surplus in the company and the company will continue to distribute a large part of its profits.