BinDawood Holding —
BinDawood Holding Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,472,923,721 | 1,381,160,199 | 6.643 | 1,451,399,499 | 1.482 |
| Gross Profit (Loss) | 451,039,499 | 416,627,250 | 8.259 | 520,252,538 | -13.303 |
| Operational Profit (Loss) | 83,393,008 | 76,242,998 | 9.377 | 132,294,461 | -36.964 |
| Net profit (Loss) | 60,546,652 | 52,203,250 | 15.982 | 122,997,465 | -50.774 |
| Total Comprehensive Income | 56,862,479 | 55,871,050 | 1.774 | 123,330,448 | -53.894 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,456,613,980 | 1,401,906,311 | 3.902 |
| Profit (Loss) per Share | 0.05 | 0.46 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | – | – | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Revenue in Q1 2024 was SAR 1,472.9 million, up 6.6% as compared to the same period last year where revenue of SAR 1,381.2 was reported.
This growth was driven by exceptional performances from both retail brands (BinDawood and Danube) where sales for BinDawood stores increased by 8.5% compared to Q1 2023, while Danube stores increased by 7.1% compared to Q1 2023. The upturn in performance was driven by enhanced preparations for the Pre-Ramadan season, and the continuing success of the loyalty program. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Gross profit for Q1 2024 was SAR 451.0 million as compared to SAR 416.6 million in Q1 2023. Gross margin of 30.6% in Q1 2024 was slightly higher than the 30.2% margin achieved in the corresponding period of the previous year.
Operating expenses in Q1 2024 were SAR 369.5 million versus SAR 342.1 million in Q1 2023. The increase vs. Q1 2023 was due to investment in human capital, new store openings and the amortization of intangible assets, which began in the second quarter of 2023 and had no impact during the first quarter last year.
The net profit, standing at SAR 60.5 million, rose by 15.9% compared to SAR 52.2 million in the same quarter of the previous fiscal year due to increase in sales and gross margin. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenues in Q1 2024 was SAR 1,472.9 million, up by 1.5% as compared to Q4 2023 where revenue of SAR 1,451.4 million was reported.
The increase is due to an increase in sales of Bindawood and Danube stores by 7.4% due to enhancement in product offering and better customer experience. The above increases were partly offset by the lower revenue earned by the subsidiary Ykone in Q1 2024 as compared to Q4 2023, which is traditionally its strongest quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Gross profit for Q1 2024 was SAR 451.0 million as compared to SAR 520.3 million in Q4 2023.
Operating expenses in Q1 2024 amounted to SAR 369.5 million, reflecting a decrease from SAR 390.9 million in Q4 2023. The ratio of operating expenses to revenue was 25.1% of sales in Q1 2024, compared to 26.9% in Q4 2023.
The net profit, in Q1 standing at SAR 60.5 million, while the net profit for Q4 2023 stood at SAR 123.0 million, and this surge in net profit in the fourth quarter is the result of recording all the rebates conservatively in the first three quarters. |
| Statement of the type of external auditor’s report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | No comparative figures for the previous period have been reclassified. |
| Additional Information | The Company’s financial position continued to be strong with no bank debt. Cash generated from operations in Q1 2024 was SAR 500.3 million versus SAR 403.2 million in Q1 2023. As of 31 March 2024, the Company had a cash and cash equivalents balance of SAR 765.0 million, which represented an increase of 8.5% as compared to the same quarter last year.
Significant changes in the Statement of Financial Position as at 31 March 2024 were noted as follows:
1. Non-Current assets increased by 0.6% in Q1 2024 mainly due to increase in intangible assets and property and equipment. 2. Current assets increased by 12.1% in Q1 2024 mainly due to an increase in inventories, prepayments and Cash and cash equivalents. 3. Current liabilities were increased by 18.2% in Q1 2024 mainly due to an increase in trade payables and due to related parties. 4. Non-current liabilities decreased by 3% in Q1 2024 mainly due to reduction in lease liabilities. 5. Shareholders’ equity increased by 3.6% driven by the increase in retained earnings. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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