Saudi retail sector’s Q2 profit beats estimates by 17%

The aggregate net profit of Saudi retail companies, amounting to around SAR 558 million in Q2 2018, came in 17 percent higher than average estimates of SAR 476 million, data compiled by Argaam showed.

Most retailers missed analysts’ forecasts, led by Saudi Company for Hardware (SACO), which fell short of estimates by 36.2 percent with net profit of SAR 20.38 million.

Aldrees Petroleum & Transport Services Co. and Abdullah Al Othaim Markets Co. also missed expectations by 27.6 percent and 2.9 percent, respectively.  

Jarir Marketing Co., however, reported net profit of SAR 162.59 million, beating the analysts’ estimates of SAR 151.96 million, by 7 percent.

Saudi Marketing Co. (Farm Superstores), nevertheless, incurred losses amounting to SAR 11.86 million in Q2 2018, versus analysts’ estimates of SAR 12.75 million in profit.