Saudi retailer Jarir reports flat Q3 net profit

Jarir Marketing, one of Saudi Arabia’s largest retailers by market value, posted flat third-quarter net profit on Thursday, and noted a drop in its non-operating expenses.
It made a net profit of 220 million riyals ($58.7 million) in the three months to Sept. 30, from 218.5 million riyals in the same period a year earlier, it said in a bourse statement.
Jarir warned on March 8 that its sales would plunge by as much as 30 percent in the first quarter of this year, the result of a decline in consumer spending as low oil prices weakened the kingdom’s economy.