Aljazira Capital maintains "Neutral" recommendation on Jarir, amends TP to SAR 159/share

21/07/2020 Argaam

 

Jarir Marketing Co.’s net profit for Q2 2020 of SAR 208.4 million topped estimates set by Aljazira Capital at SAR 183 million, the firm said in an earnings report.

 

The company’s sales for H2 2020 are seen to be lower than those of H1 due to the rise in the value-added tax (VAT), the report added.

 

The firm expects margins to continue to be under pressure due to the increase in VAT in addition to higher selling and marketing costs due to Jarir’s efforts to increase its market share.

 

Aljazira Capital maintained its “Neutral” recommendation on Jarir and amended the target price (TP) to SAR 159 per share.

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