Jarir has solid liquidity, expects challenges in Q2 2020 on shutdowns: chairman

Jarir Marketing Co. (JMC) has no financial problems, as it had low debts since inception, Muhammad Alagil, the company’s board chairman, told CNBC Arabia on Thursday.

The company has solid liquidity and also has facilities that allow it to continue its operations for more than 12 months, in case of full shutdown of its stores.

Jarir expects challenges in Q2 2020, due to the partial closure of its stores in some regions, Alagil added.

The company reported a net profit after Zakat and tax of SAR 251.7 million for Q1 2020, a rise of 7.7% year-on-year (YoY), driven by higher sales across all segments, particularly electronics.