Jarir to invest SAR 140 mln in expansions in 2019: chairman

Jarir Marketing Co. will spend from SAR 120 to SAR 140 million on expansions this year, board chairman Muhammad Al Agil told CNBC Arabia on Wednesday.

The bookstore operator is planning to boost online sales and open five or six new branches across several provinces this year, as new showrooms will enhance electronic sales.

"Jarir has strong liquidity and will finance expansions from its own resources," Al Agil said.

"The company is on expansion drive. The planned expansions will provide up to 400 job opportunities, of which 80 percent will be for Saudi citizens," he added, ruling out layoff plans.

"Overall, Jarir recorded solid sales, especially in electronics and videogame sales despite weak sales in other segments," Al Agil said commenting on Q4 2018 results.

Jarir's Q4 2018 net profit jumped 15 percent year-on-year to SAR 290.3 million, Argaam reported.