Jarir Marketing Poised for Highest Close on Record After Profit

April 7 (Bloomberg) -- Jarir Marketing Co. 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