Jarir’s Q3 2019 earnings meet expectations: NCB Capital

22/10/2019 Argaam

 

Jarir Marketing’s Q3 2019 net income of SAR 305 million was in-line with analysts’ estimates and market consensus of SAR 302 million and SAR 306 million respectively, NCB Capital said.

 

The brokerage firm said in a research note that the year-on-year (YoY) growth in earnings was driven by 16.5 percent increase in revenues, supported by store expansions.

 

“However, this was partially offset by a marginal contraction in gross margins, increase in selling and marketing expenses, and increase in finance costs post IFRS 16 implementation,” the firm said.

 

NCB Capital maintained a “Neutral” recommendation over Jarir’s share and set a target price of SAR 157.80 per share.

 

“We believe continued store expansions and positive growth are the key positives for the stock,” NCBC said.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.