Saudi listed retail firms’ profits rise 10% to $2.7bn

Riyadh: Sharif M. Taha

Net profits of the listed retail firms grew by 10 percent to SR2.7 billion by the end of 2014 compared to SR2.5 billion in 2013, according to a financial report.
The profit growth was mainly driven by the increased profits of five companies, namely Jarir Marketing, Saudi Automotive Services Co. (SASCO), Mouwasat Medical Services Co. (Mouwasat), Al-Othaim Markets, and ALDREES Petroleum & Transport Services Company (Aldrees), a report in Al-Eqtisadiah daily, said.
Jarir Marketing topped the retail sector companies to have registered highest profits by the end of 2014 at SR740.4 million compared to SR653.3 million in 2013. Jarir’s contribution to the sector’s profit growth stood at 35.1 percent, the report said.
SASCO and Mouwasat were the second and third largest profit contributors to the retail sector profits growth at 16.8 percent (SR41.6 million) and 15.7 percent (SR38.9 million), respectively, the report said.
Al-Othaim Markets Co. and Aldrees came in the fourth and fifth ranks having contributed to the sector profit growth at 9 percent (SR22.3 million) and 8.9 percent (SR22 million), respectively, the report said.
As regards profit growth on a yearly basis, SASCO topped sector companies where its profits grew by 104.5 percent to SR81.4 million by the end of 2014 compared to SR39.8 million by the end of 2013.
The National Agriculture Marketing Co. (Thimar) was the second biggest company to have registered the highest profit growth at 29.1 percent to reach SR17.6 million in 2014 compared to SR13.6 million in 2013, followed by Fitaihi Holding Group at 24.4 percent (SR44.4 million compared to SR35.7 million), and Aldrees at 21.6 percent (SR123.7 million compared to SR101.7 million, the report said.
The National Medical Care Company registered the least profit growth rate at 1.2 percent to SR93.6 million in 2014 compared to SR92.5 million, the report said.
On the other hand, the United Electronics Company (eXtra) was the sole company to have its profits dropped by 27.6 percent, or SR46.2 million, the report said.