BinDawood Holding H1 2024 profit up 14% to SAR 137M; Q2 at SAR 78M

11/08/2024 Argaam Exclusive

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BinDawood Holding Co. reported a 14% rise in H1 2024 net profit to SAR 137 million (excluding minority interest) from SAR 120.8 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	2,792.76	2,890.76	3.5 %
Gross Income	868.68	931.47	7.2 %
Operating Income	171.24	180.46	5.4 %
Net Income	120.79	132.31	9.5 %
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.11	0.12	9.5 %

Revenues rose 3.5% year-on-year (YoY) to SAR 2.89 billion in H1 2024, due to the success of the company’s loyalty program, the emphasis on data-driven decisions, better product mix and enhancements to the shopping experience.

Operating expenses reached SAR 751.0 million in H1 2024, compared to SAR 706.4 million in H1 2023. The ratio of operating expenses to sales increased marginally to 26.0% in H1 2024 from 25.3% in H1 2023, on the back of increased investment in human capital, the inauguration of two new Danube stores and one BinDawood Express store, and the cumulative impact of stores launched last year.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	1,411.60	1,417.84	0.4 %
Gross Income	452.05	480.43	6.3 %
Operating Income	96.74	98.89	2.2 %
Net Income	69.30	72.65	4.8 %
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.06	0.06	4.8 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	1,472.92	1,417.84	(3.7 %)
Gross Income	451.04	480.43	6.5 %
Operating Income	81.58	98.89	21.2 %
Net Income	59.66	72.65	21.8 %
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.05	0.06	21.8 %

In Q2 2024, net profit jumped 12% YoY to SAR 78 million.

The second-quarter net earnings increased by 29.9% from SAR 59.6 million in Q1 2024.

Shareholders’ equity, excluding minority interest, rose to SAR 1.4 billion as of June 30, 2024, from SAR 1.36 billion a year earlier.

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