Jarir Marketing’s Q3 2019 net income of SAR 305 million was in-line with analysts’ estimates and market consensus of SAR 302 million and SAR 306 million respectively, NCB Capital said.

 

The brokerage firm said in a research note that the year-on-year (YoY) growth in earnings was driven by 16.5 percent increase in revenues, supported by store expansions.

 

“However, this was partially offset by a marginal contraction in gross margins, increase in selling and marketing expenses, and increase in finance costs post IFRS 16 implementation,” the firm said.

 

NCB Capital maintained a “Neutral” recommendation over Jarir’s share and set a target price of SAR 157.80 per share.

 

“We believe continued store expansions and positive growth are the key positives for the stock,” NCBC said.

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