BinDawood Holding to open 2 new Danube stores: CEO

Ahmad Abdulrazzaq BinDawood, CEO of BinDawood Holding

BinDawood Holding Co. is currently working on opening two new Danube stores, one of which will be this month and the other will be in December, Chief Executive Officer (CEO) Ahmad Abdulrazzaq BinDawood said in a statement.

This will further expand the company's presence, allowing it to fulfill the consumer needs. In addition, it will enhance the company’s readiness for 2022 as COVID-19 restrictions are lifted from consumers and travelers, he added.

Commenting on the company's financial results for the third quarter of 2021, the top executive said revenues were nearly at the same level as in the year-ago period, but came below Q2 2021.

He attributed this to many residents returning to their home countries after travel restrictions were lifted, as well as the limited number of Umrah pilgrims to Makkah and Madinah.

He added that gross profit margins reached a solid level of 36.9%, which reflects the successful operating strategy implemented by the management, as it partially offset the decline in sales.

The company earlier reported a net profit after Zakat and tax of SAR 227.4 million for the first nine months of 2021, a fall of 42% from SAR 390.3 million in the year-earlier period, according to Argaam's data.