Jarir Marketing, Saudi Arabia's second-largest retailer by market value, said it has posted a 14.6 per cent rise in second-quarter net profit, falling slightly short of analysts' forecasts.

It made a net profit of SR154.9 million ($41.3 million) in the three months ending June 30, compared to SR135.2 million in the same period a year earlier, it said in a bourse statement.

Seven analysts polled by Reuters had forecast, on average, a quarterly net profit of SR158.7 million.

The company said the earnings increase was partly due to higher sales of all goods, especially electronic items.

Estimated turnover for the quarter was nine per cent higher than the same period of last year at 1.41 billion riyals, it said.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.-Reuters