BinDawood Holding CEO says Dash stores performance 'encouraging’

Ahmad Abdulrazzaq BinDawood CEO of BinDawood Holding Co

Ahmad Abdulrazzaq BinDawood, CEO of BinDawood Holding Co., said that the performance of Dash’s 12 branches across the Kingdom was notable and encouraging, supporting the company’s plan to expand this network.

The company aims to open 500 branches over the next seven years on an average area of 400 meters per branch, the CEO told Argaam in an interview.

The company’s branches reached 96 at the end of 2024. BinDawood Holding aims to open 40-50 new branches within the next two years.

The CEO also pointed out that the company is constantly studying the needs of its customers in these branches, by diversifying the types of products and offers to suit the target groups. He indicated that the decline year-on-year in Q4 profit was mainly due to the closure of two BinDawood stores and the Danube store during the same period.

As for the increase in Q4 profit quarter-on-quarter, it came thanks to the significant contribution of revenues from the distribution business acquired at the end of Q3 2024, as well as the effective management of supplier contracts in the last quarter of the year, he added.

Additionally, the company plans to integrate pharmacies within BinDawood and Danube stores, providing immediate operational synergies, making it a unique experience in the Kingdom, BinDawood stated.

He clarified that the Danube stores contribute more to profitability and revenue, which is natural due to the number of branches and the greater outreach across the Kingdom, stressing that the company's management regularly monitors the performance of all its stores by comparing performance, productivity and profitability.

As for his expectations, the CEO said that the first quarter of 2025 will likely witness exceptional performance, driven by the Ramadan season, which will be coincide fully within this period, in addition to the integration of Zahra Al Rawda pharmacies, where the impact of its results will appear in Q1 2025 financials.