BinDawood 9M 2020 net profit rises 32% to SAR 390.3 mln

10/11/2020 Argaam Exclusive

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BinDawood Holding Co. reported a net profit after Zakat and tax of SAR 390.3 million for the first nine months of 2020, up 32%, compared to SAR 295.3 million in the same period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	3,623.50	4,043.29	11.6 %
Gross Income	1,222.70	1,312.84	7.4 %
Operating Income	361.44	443.05	22.6 %
Net Income	295.26	390.33	32.2 %
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.26	0.34	32.2 %

The company attributed the increase in net profit to 11.6% rise in revenues due to four new stores opening, in addition to a 7.4% increase in gross profit.

Danube performance helped offset a decline at BinDawood stores. Danube saw a 23.5% rise in sales to SAR 540.2 million in 9M 2020 as the company responded to a growing demand in premium food products.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	1,196.41	1,082.48	(9.5 %)
Gross Income	447.28	356.27	(20.3 %)
Operating Income	146.83	84.11	(42.7 %)
Net Income	124.47	78.65	(36.8 %)
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.11	0.07	(36.8 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	1,547.59	1,082.48	(30.1 %)
Gross Income	504.12	356.27	(29.3 %)
Operating Income	210.25	84.11	(60.0 %)
Net Income	185.42	78.65	(57.6 %)
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.16	0.07	(57.6 %)

In Q3 2020, the company reported a 37% year-on-year (YoY) decline in net profit after Zakat and tax of SAR 78.7 million, driven by a 9.5% decrease in revenue due to seasonality factors.

Meanwhile, operating expenses and depreciation remained within the same range.

On a quarterly basis, Q3 2020 net profit dropped 57.5% on higher revenues backed by rise in sales.

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