BinDawood Holding Q1 profit up 11% to SAR 57.2M

BinDawood Holding Co. reported a net profit growth of 11% to SAR 57.2 million in Q1 2024, from SAR 51.5 million in the previous year.

The company’s revenues rose 6.6% year-on-year (YoY) in Q1 2024, reaching SAR 1.47 billion, driven by an 8.5% growth in Bin Dawood Markets sales and a 7.1% rise in Danube Store sales.

This was despite higher operating expenses of SAR 369.5 million, compared to SAR 342.1 million in Q1 2023, as the company invested in human capital, opened new stores, and amortized intangible assets, which began in Q2 2023, and had no impact during Q1 2023.

The company’s three-month earnings dropped 52.7% from SAR 120.84 million in Q4 2023.

Shareholders’ equity, no minority interest, amounted to SAR 1.45 billion at the end of Q1 2024, from SAR 1.40 billion a year earlier.

Earnings per share stood at SAR 0.05/share in Q1 2024 compared to SAR 0.46/share in Q1 2023, by dividing net income on the weighted average number of shares.

BinDawood indicated that its financial position remained strong on lack of debts.

Shareholders' equity grew by 3.6% as a result of the increase in retained earnings.

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