BinDawood Holding net profit down 42% to SAR 227.4 mln in 9M 2021

09/11/2021 Argaam Exclusive

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BinDawood Holding Co. reported a net profit after Zakat and tax of SAR 227.4 million for the first nine months of 2021, a fall of 42% from SAR 390.3 million in the year-earlier period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	4,043.29	3,325.05	(17.8 %)
Gross Income	1,312.84	1,170.06	(10.9 %)
Operating Income	443.05	292.97	(33.9 %)
Net Income	390.33	227.35	(41.8 %)
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.34	0.20	(41.8 %)

The profit decline came as 9M revenue fell 17.8% year-on-year (YoY), mainly due to higher revenue in first half of 2020, which was unseasonably high due to the effect of pantry-buying in response to the COVID-19 pandemic, bulk buying in anticipation of VAT change as of July 1, and restrictions on international travel.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	1,082.48	1,077.81	(0.4 %)
Gross Income	356.27	397.30	11.5 %
Operating Income	84.11	93.25	10.9 %
Net Income	78.65	70.24	(10.7 %)
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.07	0.06	(10.7 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	1,122.82	1,077.81	(4.0 %)
Gross Income	399.40	397.30	(0.5 %)
Operating Income	115.01	93.25	(18.9 %)
Net Income	94.99	70.24	(26.1 %)
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.08	0.06	(26.1 %)

In Q3 2021, net profit after Zakat and tax decreased by 11% to SAR 70.2 million from SAR 78.7 million a year earlier, hit by

When compared to the previous quarter, Q3 net profit saw a decline of 26% to SAR 95 million.

Shareholders’ equity, after minority interest, fell 6% to SAR 1.397 billion as of Sept. 30, 2021, from SAR 1.486 billion a year earlier.

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