Jarir Marketing, Saudi Arabia's largest retailer by market value, posted a 7.6 per cent rise in third-quarter net profit on Thursday, in line with analysts' forecasts.

It made a profit of SR218.5 million ($58.3 million) in the three months to September 30, up from SR203 million in the same period a year earlier, it said in a bourse statement.

Five analysts polled by Reuters had on average forecast Jarir would make a quarterly net profit of SR223.9 million.

The company said the earnings increase was due to a rise in sales, four new showrooms and lower financial charges on loans.

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

Turnover in the third quarter was SR1.54 billion, up 7.7 per cent on the same three months of 2014. - Reuters