BinDawood Holding posts SAR 51.5 mln profit in Q1 2023

BinDawood Holding Co.’s Q1 2023 net profit fell by 21.3% to SAR 51.5 million, from SAR 65.5 million in the year-earlier period.

The first-quarter net profit does not include any one-off gains, compared to a rental relief of SAR 17.1 million in Q1 2022.

The company reported a 17.5% rise year-on-year (YoY) in revenue to SAR 1.38 billion. It cited an increase in the number of Umrah performers, which resulted in a significant uplift in performance of Haramain stores in Makkah and Madinah.

The revenue growth also improved on better preparation for Ramadan season compared to the previous two seasons. The digital presence through Future Retail for Information Technology Co. also contributed to the overall increase in revenue.

The three-month net profit also dropped by 12.9% from SAR 59.13 million in Q4 2022. On the other hand, revenue improved on and increase in the number of Umrah performers. The Q1 2023 gross profit rose to SAR 416.6 million, from SAR 368.1 million in Q1 2022, leading profit margins to grow to 30.2%.

Shareholders’ equity, no minority interest, declined to SAR 1.401 billion as of March 31, 2023, from SAR 1.402 billion in the year-earlier period. 

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