BinDawood Holding net profit down 50% to SAR 157.1 mln in H1 2021

15/08/2021 Argaam Exclusive

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BinDawood Holding Co. reported a net profit after Zakat and tax of SAR 157.1 million for the first half of 2021, a drop of 50% from SAR 311.7 million in the year-ago period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	2,960.81	2,247.24	(24.1 %)
Gross Income	956.57	772.76	(19.2 %)
Operating Income	358.94	199.72	(44.4 %)
Net Income	311.68	157.10	(49.6 %)
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.27	0.14	(49.6 %)

The profit decline was driven by lower sales as H1 2020’s sales growth was driven largely by pantry-buying in Q2 in response to the pandemic.

In addition, revenue from stores serving the pilgrims declined due to limited inflow of local pilgrims during the period compared to the same period of the last year when Haramain stores were fully operational until mid-March 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	1,547.59	1,122.82	(27.4 %)
Gross Income	504.12	399.40	(20.8 %)
Operating Income	210.25	115.01	(45.3 %)
Net Income	185.42	94.99	(48.8 %)
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.16	0.08	(48.8 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	1,124.42	1,122.82	(0.1 %)
Gross Income	373.36	399.40	7.0 %
Operating Income	84.71	115.01	35.8 %
Net Income	62.12	94.99	52.9 %
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.05	0.08	52.9 %

The company reported a net profit of SAR 95 million for Q2 2021, a 49% decline compared to the same quarter last year on lower revenue.

On sequential basis, Q2 net profit grew 53% on improved inventory and product cost management and lower operating expenses.

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