BinDawood Holding —
BinDawood Holding Co. announces its Interim Financial Results for the Period Ending on 31 March 2023 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,381,160,199 | 1,175,234,981 | 17.52 | 1,318,336,457 | 4.76 |
| Gross Profit (Loss) | 416,627,250 | 383,670,182 | 8.59 | 368,084,751 | 13.19 |
| Operational Profit (Loss) | 76,242,998 | 72,817,428 | 4.7 | 39,929,504 | 90.94 |
| Net Profit (Loss) after Zakat and Tax | 52,203,250 | 65,458,505 | -20.25 | 64,948,065 | -19.62 |
| Total Comprehensive Income | 55,871,050 | 65,458,505 | -14.65 | 92,852,775 | -39.83 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 1,401,906,311 | 1,402,305,062 | -0.03 |
| Profit (Loss) per Share | 0.46 | 0.57 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Revenue in Q1 2023 was SAR 1,381.2 million, up 17.5% as compared to the same period last year where revenue of SAR 1,175.2 was reported.
The increase of pilgrims performing Umrah resulted in a significant uplift in performance of Haramain stores in Makkah and Madinah. Revenue growth also Improved by the better preparation for Ramadan season compared to the previous two seasons. The digital presence through Future Retail for Information Technology Company, also contributed to the overall increase in revenues.
Gross profit for Q1 2023 was SAR 416.6 million as compared to SAR 383.7 million in Q1 2022. Gross margin of 30.2% in Q1 2023 was lower than the 32.6% margin achieved in the corresponding period of the previous year. The major reason was the decline in supplier income.
Operating expenses in Q1 2023 were SAR 342.1 million versus SAR 312.8 million in Q1 2022. The increase vs. Q1 2022 was due to expenses related to branch openings and tech subsidiary operating cost.
Net profit for Q1 2023 was SAR 52.2 million versus SAR 65.5 million in Q4 2022, registering a decline of 20.2%. The net profit of Q1 FY 2023 does not include any exceptional gains. Where in Q1 2022 had rental relief of SAR 17.1 million. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Revenues in Q1 2023 was SAR 1,381.2 million, up 4.8% as compared to Q4 2022 where revenue of SAR 1,318.3 million was reported.
The primary driver behind the increase in revenue was the return of Pre-Ramadan season and Umrah season without limitations on pilgrims’ number.
Gross profit for Q1 2023 was SAR 416.6 million as compared to SAR 368.1 million in Q4 2022. Gross margin of 30.2% in Q1 2023 was higher by 2.3% than the margin achieved in the previous quarter, reflecting the positive impact of improved product mix, in addition to cooling down of inflationary conditions, more favourable contractual terms with suppliers.
Operating expenses in Q1 2023 were SAR 342.1 million versus SAR 330.1 million in Q4 2022. The expenses in Q4 2022 included certain one-time credits. Without such credits, there was a decline in operating expenses.
Net profit was SAR 52.2 million versus SAR 64.9 million in Q4 2022, registering a decline of 19.5%. The net profit of Q1 FY 2023 did not include any exceptional gains. Q4 2022 quarters had rental relief of SAR 40.2 million. |
| Statement of the type of external auditor’s report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Not applicable. |
| Reclassification of Comparison Items | No comparative figures for the previous period have been reclassified. |
| Additional Information | General Comments:
The Company’s financial position continued to be strong with no bank debt. Cash generated from operations in Q1 2023 was SAR 403.2 million versus SAR 420.1 million in Q1 2022. As of 31 March 2023, the Company had a cash balance of SAR 705.2 million, which represented a decrease of 9.4% as compared to the same quarter last year.
Significant changes in the Statement of Financial Position as at 31 March 2023 were noted as follows: 1. Non-current assets increased by 4.8% in Q1 2023 driven mainly by the increase in Property and equipment and Right-of-use assets. 2. Current assets increased by 17.5% in Q1 2023 mainly due to an increase in inventories and Cash and cash equivalents. 3. Current liabilities were increased by 25.4% in Q1 2023 mainly due to an increase in trade payables. 4. Non-current liabilities increased by 3.4% in Q1 2023 mainly due to lease contracts modifications. 5. Shareholders’ equity increased by 4.0% 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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