Saudi Jarir Marketing beats Q3 forecasts with 16 pct profit jump

DUBAI Sun Oct 6, 2013 2:43am EDT

DUBAI Oct 6 (Reuters) - Saudi Arabian retailer Jarir Marketing said on Sunday its third-quarter net profit climbed 15.9 percent, beating analysts' forecasts, mainly due to increase in sales of office supplies and smart phones at its stores.

The retailer said in a bourse statement that its net profit for the quarter was 186.2 million riyals ($49.65 million), compared with 160.7 million riyals for the year-ago quarter.

The results beat average forecast of nine analysts in a Reuters poll who expected quarterly profit of 183.4 million riyals. ($1 = 3.7501 Saudi riyals) (Reporting by Dinesh Nair; Editing by Olzhas Auyezov)