Jarir closes Jeddah showroom, expects SAR 7 mln lost profit by year-end

One of Jarir's branches

Jarir Marketing Co. announced today, May 12, the closure of its showroom located on Palestine Street in Jeddah, effective immediately, according to a bourse filing.

The company ascribed the closure to the fact that the showroom sits at the heart of a neighborhood, which authorities have decided to clear as part of the slum removal works in Jeddah.

In its statement, Jarir also indicated expectations to lose about SAR 80 million and SAR 7 million in sales and profit, respectively, starting from the closure date to the end of 2022.

Part of the lost sales and profits will be made up through the neighboring showrooms, the company said, noting that it is not possible currently to estimate such a portion in a reliable manner.