JEDDAH: Jarir Company announced Wednesday on the Saudi Financial Market website that it has made a net profit of SR136.8 million during the first quarter of 2011 compared to SR118.5 million for the same quarter last year, an increase of 15.44 percent. In the previous quarter – the fourth quarter of last year – Jarir achieved profits of SR103.7 million, an increase of 31.92 percent. The company said the total revenue for the quarter was SR162.7 million compared to SR143 million for the same quarter last year, an increase of 13.78 percent. The operational profit was SR135.5 million compared to SR117.5 million for the same quarter last year, an increase of 15.32 percent. The share price during three months reached SR3.42 compared to SR2.96 for the same period last year. The company attributed the rise in net profit to the increase in sales of electronic products particularly smart phones and computers. The reason for the increase in net profits during the first quarter compared to the fourth quarter of last year was because of increased sales of school and office stationery.
