Shares of Saudi Jarir Marketing Co., known as Jarir Bookstore, gained 0.36 percent at the opening of Thursday, despite a decline in first-nine profits.
The share price reached SR168.40 ($44.9), compared with S168.20 at the previous close.
The retail giant saw its profits decline by 4 percent during the first nine months of 2022 despite the slight increase in sales.
The company’s net profit dropped to SR702 million, compared to SR729 it made during the first nine months of 2021, according to a bourse filing.
While sales rose 0.7 percent, the increase could not cover higher marketing and sales expenses caused by an increase in advertising to promote sales, which led to lower profits, the company said.