(MENAFN) Jarir Marketing Co, the Saudi Arabian retailer, announced it is planning to invest USD293 million over the next five years to roughly double the number of its stores, with more than 100 million of that sum going to be spent outside Saudi Arabia, as the retailer plans to open new stores in the Gulf and Egypt, Gulf Business reported.
The Kingdom's largest retailer is planning to open six new stores on average each year, as it seeks to increase its profits by 15 per cent or more annually, as well as increase its growth by 20 percent next year.
The company, which sells books, office and art supplies, computers and some other electronics, currently runs a chain of 36 stores, with 31 of them being inside Saudi Arabia while the remainder in Abu Dhabi, Kuwait and Qatar.
"We are opening between four and eight stores a year, averaging around six stores a year. This will bring us to more than 60 stores by end-2018 in Saudi and in the Gulf states of Kuwait and Qatar," Jarir's CEO said.
Meanwhile, Jarir said it posted a 9 per cent increase in the July-September net profit compared to the same period last year, reaching USD54.10 million, while turnover rose 6.9 percent to reach USD381.17 million.
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