Financial Results : BinDawood profit drops 51% to SAR 62.1 mln in Q1 2021

BinDawood profit drops 51% to SAR 62.1 mln in Q1 2021

09/05/2021 Argaam Exclusive

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BinDawood Holding Co. reported a 50.8% decline in net profit after Zakat and tax to SAR 62.1 million for Q1 2021, compared to SAR 126.3 million in the year-earlier period.

 

The lower profits were driven by a 20.4% decline in revenues as a result of non-recurring pantry buying due to the COVID-19 pandemic, Haramain stores closing towards the end of Q1-2020, and suspension of normal schooling and switching to e-learning.

 

In addition, the decline in sales was due to a lack of promotional campaigns and food festivals to maintain social distancing restrictions to combat the pandemic. However, operating expenses decreased due to the curtailment of COVID-19 related costs in the current quarter.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 1,413.21 1,124.42 (20.4 %)
Gross Income 452.45 373.36 (17.5 %)
Operating Income 148.70 84.71 (43.0 %)
Net Income 126.26 62.12 (50.8 %)
Average Shares 1,143.00 1,143.00 -
EPS (Riyals) 0.11 0.05 (50.8 %)

When compared to the previous quarter, net profit after Zakat and tax rose by 13.23%, as revenue increased on the increase in company stores and lower operating expenses.

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