Jarir to maintain dividends, profit growth: chairman

Jarir Marketing Co. (Jarir) is expected to maintain profit growth and dividends in the coming period, the firm's chairman Muhammad Abdul Rahman Al-Agil told CNBC Arabia.

He said the company would distribute dividends on 75 percent to 85 percent of profits.

Al-Agil added that Jarir has strong borrowing power compared to its competitors, thanks to its very low debt level estimated at between SAR 130 million and SAR 140 million.

Jarir is also planning to expand its network of stores in the kingdom from 38 to 60 by 2018.

The company reported on Wednesday a net profit of SAR 154.9 million for the second quarter of this year, marking a year-on-year net profit rise of 15 percent.