Jarir Marketing, one of Saudi Arabia's largest retailers by market value, posted a fourth-quarter net profit flat to the previous year on Thursday, in line with analysts' estimates.

It made a net profit of SR208.1 million ($55.4 million) in the three months to December 31, up from SR205.8 million ($54.8 million) in the same period a year earlier, it said in a bourse statement.

Four analysts polled by Reuters had on average forecast Jarir would make a quarterly net profit of SR218.2 million ($58.1 million).

The company said the earnings increase was due to higher sales of high-margin products as well as a decrease in expenses and lower financial charges.

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

Turnover in the fourth quarter was SR1.52 billion ($404.8 million), down 3.8 per cent on the same three months of 2014. - Reuters