BinDawood Holding —
BinDawood Holding Co. announces its Annual Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 4,897,027,199 | 4,382,169,554 | 11.75 | ||
| Gross Profit (Loss) | 1,437,071,445 | 1,438,916,272 | -0.13 | ||
| Operational Profit (Loss) | 150,996,206 | 274,624,205 | -45.02 | ||
| Net Profit (Loss) after Zakat and Tax | 124,732,624 | 240,563,746 | -48.15 | ||
| Total Comprehensive Income | 146,303,570 | 241,076,715 | -39.31 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 1,347,286,499 | 1,411,141,557 | -4.53 | ||
| Profit (Loss) per Share | 1.04 | 2.1 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Revenue for the full year 2022 is SAR 4,897.0 million versus SAR 4,382.2 million in 2021. The year-on-year growth can be attributed to the
gradual return of pilgrims and the return of customer engagement activities during Hajj, Umrah and different festivals during the year. The Non-Retail segment also contributed to the overall sales with revenue of SAR 117 million. Both of our brands – Danube and BinDawood supermarkets –contributed to the overall growth during the year. BinDawood supermarkets contributed a total revenue of SAR 1,536.5 million in 2022, as compared to SAR 1,209.2 million in 2021. Danube supermarkets contributed a total revenue of SAR 3,243.7 million in 2022, as compared to SAR 3,173 million in 2021. Gross profit for the full year of 2022 was SAR 1,437.1 million versus SAR 1,438.9 million in 2021. The Company posted a lower gross profit margin of 29.3% in 2022, when compared with 32.8% in 2021. This decline was primarily due to higher inflation costs that were partially absorbed by the Company to remain competitive and increase customer footfall. However, the successful implementation of the loyalty program enabled us to enhance our product offerings. Operating expenses for the full year 2022 were higher at SAR 1,294.7 million versus SAR 1,174 million in 2021. This can be attributed to expenses on new store opening, investments made in technology and human capital as well as cost of acquisitions made during the year, however, this impact was partially mitigated by the positive impact of employees related expenses reduction. Other income for the full year 2022 was SAR 84.1 million versus SAR 71.5 million in 2021. A significant portion of this income relates to rental relief from certain lessors. Net profit for the full year 2022 was SAR 124.7 million versus SAR 240.6 million in 2021, despite the fact that there was increase in revenue but the increase was not enough to offset the cumulative impact of lower gross margin and higher operating expenses. |
| Statement of the type of external auditor’s report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None |
| Reclassification of Comparison Items | None |
| Additional Information | 1. Non-current assets increased by 3.9% in FY22 driven mainly due to recognition of goodwill against two recently acquired subsidiaries which was partially offset by the depreciation of assets and amortization of Right-of-use assets.
2. Current assets increased by 3.3% in FY22 due to an increase in Inventories and Cash and cash equivalents. 3. Current liabilities were increased by 29.6% in FY22 due to an increase in Trade payables. 4. Non-current liabilities were reduced by 4.7% in FY22 due to lease payments and COVID-related rental concessions. 5. Shareholders’ equity reduced by 4.5% driven by a decrease 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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Salim Patka,
CFO,
BinDawood Holding
BinDawood
