Jarir Marketing Poised for Highest Close on Record After Profit

Jarir Marketing Co. (JARIR) headed for the highest close on record after Saudi Arabia’s largest stationery and electronic products retailer said its first-quarter profit increased 20 percent.

The shares advanced 1.5 percent to 156.5 riyals at 11:16 a.m. in Riyadh, headed for the highest close since at least December 2003, when Bloomberg started tracking the data.

Net income advanced to 164.2 million riyals ($44 million) on higher sales of laptops and smart phones, the company said.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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