The net profit of Jarir Marketing Company increased by 1.9% in the fourth quarter of 2022, to 267.6 million riyals, compared to about 262.5 million riyals in the fourth quarter of 2021, according to the accounts of Al Arabiya.net.
The company’s estimated financial results showed a decline in its net profits after zakat and tax by 2.23% in 2022, to about 969.8 million riyals, compared to 991.9 million riyals in 2021.
The company attributed, in a statement on “Tadawul Saudi Arabia”, today, the decline in annual profits to the decrease in other revenues, which included in the year 2021 a capital profit of 38 million riyals from the sale of a plot of land and an insurance compensation of 11 million riyals, in addition to an increase in selling and marketing expenses as a result of increased spending. On advertising to support sales and promotions.
She added that despite the increase in sales by 3.3% as a result of the increase in sales of most departments, especially the departments of school and office supplies and smart phones, and despite the increase in gross profit by 4.7% as a result of the increase in sales and the positive change in the sales mix.
She pointed out that the difference between comprehensive income and net profit for the year 2022 includes currency difference losses of 29 million riyals related to the subsidiary in Egypt as a result of the Egyptian authorities’ decision to devalue the Egyptian pound against foreign currencies, including the Saudi riyal, which began in March 2022. It also includes an amount 15.7 million riyals, profits from re-measuring end-of-service benefits provision.
It stated that it had received in the last quarter of the year 2022 an allocation for zakat in the amount of 17 million riyals after the issuance of the appeal decision in favor of the company in most of the items that were in dispute with the Zakat, Tax and Customs Authority for the years 2011 AD to 2015 AD, especially allowing the deduction of dividends that exceed the opening balance. for retained earnings. The company has received the revised zakat assessments for these years in accordance with the appeal decision.