BinDawood Holding profit jumps 6% to SAR 165.6M in 9M 2024; Q3 at SAR 33.3M

07/11/2024 Argaam Exclusive

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BinDawood Holding Co. reported a net profit SAR 165.6 million in the first nine months of 2024, a rise of 6% from SAR 155.7 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	4,151.53	4,252.10	2.4 %
Gross Income	1,289.53	1,380.98	7.1 %
Operating Income	225.12	234.08	4.0 %
Net Income	155.70	165.60	6.4 %
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.14	0.14	6.4 %

The nine-month revenue rose by 2.4% year-on-year (YoY) to SAR 4.25 billion. The company reported a higher market share among point-of-sale (POS) customers. This growth was driven by a successful loyalty program, data-driven strategies, and an optimized product mix.

BinDawood stores reported SAR 1.28 billion in sales, slightly down on the closure of two stores, despite achieving a 3.5% rise, excluding those closures. Danube stores saw a 1.8% YoY rise in sales to SAR 2.6 billion, with 9.1% growth from POS customers due to strong performance from existing and new stores.

The recent acquisition of Jumeirah Trading Co. (JTC) boosted overall revenue, which along with Future Tech Retail (FTR) saw a 37% revenue increase, driven by International Applications Company and Ykone’s growth in the Middle East.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	1,358.76	1,361.33	0.2 %
Gross Income	420.86	449.51	6.8 %
Operating Income	53.88	53.61	(0.5 %)
Net Income	34.91	33.29	(4.6 %)
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.03	0.03	(4.6 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	1,417.84	1,361.33	(4.0 %)
Gross Income	480.43	449.51	(6.4 %)
Operating Income	98.89	53.61	(45.8 %)
Net Income	72.65	33.29	(54.2 %)
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.06	0.03	(54.2 %)

The third-quarter net earnings declined 5% to SAR 33.3 million, from SAR 34.9 million as revenue remained almost unchanged at SAR 1.36 billion, compared to SAR 1.35 billion in Q3 2023. The company maintained sales at the same level and recorded a better market share from POS customers. Gross profit leapt 31% YoY to SAR 449.5 million.

The company’s net income dropped 54.2% from SAR 72.6 million in Q2 2024 on a 4% sequential decline in revenue.

Total shareholders’ equity, after minority interest, reached SAR 1.44 billion as of Sept. 30, 2024, compared to SAR 1.38 billion in the corresponding period of 2023.

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