Saudi Arabia: Sales of retail firms up 12% to SAR28.7bn in 2014
Sales of the listed retail firms rose by 12.16 percent to reach SR28.7 billion by the end of 2014 compared to SR25.6 billion in 2013, according to a financial report. Meanwhile, net profits of the retail companies jumped by 10 percent to hit SR2.75 billion by the end of the year compared to SR2.5 billion, a report in Al-Hayat daily said. Market capitalization of the 14-listed retail firms stood at SR84 billion, or 4.1 percent of the Saudi stock market, as their capitals reached SR8.12 billion, according to the report. Fawwaz Abdulaziz Al- Hokair & Co. was the biggest company in terms of capital at SR2.1 billion, Jarir Marketing was the second (SR900 million) followed by Al-Hamadi (SR750 million) whereas Al-Khaleej Training had the least capital at SR350 million, the report said. Jarir Marketing had its profits raised by 14.1 percent to SR745.4 million in 2014 compared to SR653.3 million in 2013. The company attributed profit growth to the increase of sales and branches of the company to 36 instead of 32, the report said. Net profits of Al- Hokair Co. soared by 3.55 percent to SR601.2 million in the last nine months of 2014 compared to SR581.6 million in the same period last year, according to the report. On the other hand, sales of Abdullah Othaim Markets grew by 15 percent in 2014 to reach SR5.25 billion compared to SR4.6 billion while its profits reached SR214.8 million compared to SR192.51 million in 2013, or an increase of 12 percent. The United Electronics Co. (eXtra) registered the fourth biggest sales at SR3.7 billion in 2014 compared to SR3.39 billion in 2013, an increase of 9 percent. However, its profits declined by 27.7 percent to SR121 million compared to SR167.3 million in 2013, the report said. Sales of Al-Mazraa Markets grew by 7.1 percent to SR1.74 billion in 2014 compared to SR1.63 billion. Likewise, its profits grew to SR104.5 million compared to SR95.14 million in 2013, or an increase of 10 percent. Sales of other companies varied in 2014 compared to figures of the previous year as follows: Al-Mouwasat Medical Services Co., SR970 million compared to SR902.2 million (+8 percent), Dallah Medical Services Co., SR 895 million compared to SR750 million (+19.4 percent), and Fitaihi Holding Group, SR250 million compared to SR254 million (-1.60 percent), the report said.
