BinDawood Holding profit jumps 12% to SAR 170.6M in 9M 2024; Q3 at SAR 35M

07/11/2024 Argaam Exclusive
BinDawood Holding Co. reported a net profit before minority interest of SAR 170.6 million in the first nine months of 2024, a rise of 12% from SAR 152.1 million in the year-earlier period.


Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 4,151.53 4,252.10 2.4 %
Gross Income 1,289.53 1,380.98 7.1 %
Operating Income 221.97 241.73 8.9 %
Net Income 152.07 170.59 12.2 %
Average Shares 1,143.00 1,143.00 -
EPS (Riyals) 0.13 0.15 12.2 %

The nine-month revenue rose by 2.4% year-on-year (YoY) to SAR 4.25 billion. The company reported a higher market share among point-of-sale (POS) customers. This growth was driven by a successful loyalty program, data-driven strategies, and an optimized product mix.

 

BinDawood stores reported SAR 1.28 billion in sales, slightly down on the closure of two stores, despite achieving a 3.5% rise, excluding those closures. Danube stores saw a 1.8% YoY rise in sales to SAR 2.6 billion, with 9.1% growth from POS customers due to strong performance from existing and new stores.

 

The recent acquisition of Jumeirah Trading Co. (JTC) boosted overall revenue, which along with Future Tech Retail (FTR) saw a 37% revenue increase, driven by International Applications Company and Ykone’s growth in the Middle East.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 1,358.76 1,361.33 0.2 %
Gross Income 420.86 449.51 6.8 %
Operating Income 56.06 56.65 1.1 %
Net Income 34.04 35.00 2.8 %
Average Shares 1,143.00 1,143.00 -
EPS (Riyals) 0.03 0.03 2.8 %

The third-quarter net earnings rose 3% to SAR 35 million, from SAR 34 million as revenue remained almost unchanged at SAR 1.36 billion, compared to SAR 1.35 billion in Q3 2023. The company maintained sales at the same level and recorded a better market share from POS customers. Gross profit leapt 31% YoY to SAR 449.5 million.

 

On the other hand, operating expenses increased to SAR 395.9 million, or 29.1% of revenue, from SAR 367 million, or 27% of revenue in Q3 2023.

 

The company’s net income, however, dropped 53.4% from SAR 75 million in Q2 2024 on a 4% sequential decline in revenue.

 

Total shareholders’ equity, after minority interest, reached SAR 1.44 billion as of Sept. 30, 2024, compared to SAR 1.38 billion in the corresponding period of 2023.

 

Attached Document:

 

 

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Quarterly Actuals vs Estimates 07/11/2024

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Share Price

BinDawood Holding Co.
7.00
0.01 0.14 %

BinDawood Holding Co. (BINDAWOOD)

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Financial Ratios
Current
Market Cap (M Riyal) 7,989.57
Enterprise Value (EV) (M) 7,403.05
Shares Outstanding ((M)) 1,143.00
EPS ( Riyal) (TTM) 0.25
Book Value (BV) ( Riyal) 1.26
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 27.50
P/E (TTM) 27.50
Price/book 5.55
Return on Average Assets (%) (TTM) 5.7
Return on Average Equity (%) (TTM) 20.5
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