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Jarir Marketing Co. (JMC) reported an increase of 50% year-on-year (YoY) in discount and marketing costs during the third quarter of 2022 to nearly SAR 55 million, Chairman Muhammad Al-Agil told Al-Arabiya TV.
This is a very important matter, due to several reasons, such as the shift in consumer spending and competitiveness with entertainment, tourism and food sectors, Al-Agil said, pointing to a decline in the items sold by the company in customer portfolios.
Other challenges include installments and e-commerce. Additionally, the cost of attracting new customers rose significantly compared to the previous year.
On the other hand, Al-Agil added that Jarir plans to open four to six stores annually, improve some products and introduce new ones. It also seeks to improve some sections, such as the installments to boost its market share in the long term.
Jarir’s net profit dropped to SAR 702.2 million in the first nine months of 2022, from SAR 729.4 million a year earlier. The third-quarter net profit stood at SAR 273.7 million, Argaam reported.
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