BinDawood’s net profit up 7% to SAR 447.7 mln in 2020

29/03/2021 Argaam Exclusive

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BinDawood Holding Co. reported a net profit after Zakat and tax of SAR 447.7 million in 2020, up 7%, compared to SAR 419.1 million in 2019.

Financials (M)

Item	2019	2020	Change‬
Revenues	4,843.77	5,156.47	6.5 %
Gross Income	1,644.53	1,671.89	1.7 %
Operating Income	506.87	505.34	(0.3 %)
Net Income	419.14	447.72	6.8 %
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.37	0.39	6.8 %

The company attributed the increase in net profit to a 6.5% year-on-year (YoY) rise in revenues to SAR 5.156 billion.

The growth in sales was mainly driven by the subsidiary's stores, Danube supermarkets, which contributed SAR 3.655 billion, an annual increase of 17.5%.

Danube’s record sales helped to offset a reduction in BinDawood sales, the company highlighted.

BinDawood registered a 1.7% rise in gross profit during 2020, while it recorded a 2.5% increase in its operating expenses.

The net profit after Zakat and tax slumped 54% YoY to SAR 57.4 million in Q4 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	1,220.27	1,113.19	(8.8 %)
Gross Income	421.83	359.05	(14.9 %)
Operating Income	145.42	62.29	(57.2 %)
Net Income	123.87	57.39	(53.7 %)
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.11	0.05	(53.7 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	1,082.48	1,113.19	2.8 %
Gross Income	356.27	359.05	0.8 %
Operating Income	84.11	62.29	(25.9 %)
Net Income	78.65	57.39	(27.0 %)
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.07	0.05	(27.0 %)

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