BinDawood Holding —
BinDawood Holding Co. announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 5,677.69 | 5,602.93 | 1.33 | ||
| Gross Profit (Loss) | 1,893.78 | 1,809.79 | 4.64 | ||
| Operational Profit (Loss) | 369.06 | 354.27 | 4.17 | ||
| Net profit (Loss) | 280.25 | 275.07 | 1.88 | ||
| Total Comprehensive Income | 265.65 | 274.65 | -3.28 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 1,398.95 | 1,399.22 | -0.02 | ||
| Profit (Loss) per Share | 0.24 | 0.24 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | – | – | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The Company achieved a 1.3% revenue growth, reaching 5,677.7 million Saudi Riyals, up from 5,602.9 million Saudi Riyals in FY 2023. This is due to:
1. Contribution of Sales from new openings, 2. Positive like-for-like growth from point of sales customers, 3. Data-driven decision from loyalty program, 4. Contribution of Sales from Jumariah Trading Company (JTC) and Future Retail Tech (FTR). However, this was offset by store closures during the year.
In Retail Sales: 1. BinDawood stores saw a slight decline due to Q1 store closure but offset by the opening of an express store in Q2 and two supermarkets in Q4 2024. 2. Danube experienced strong growth due to Opening of seven new stores and higher POS sales.
FTR grew significantly due to: 1. International Applications Company (IACo) benefiting from online sales and the acquisition of a loyalty business and 2. Ykone thrived in the Middle East and gained from acquiring Barcode Influencer Marketing in India, offsetting weaker European market conditions.
JTC also contributed to overall revenue growth, performing strongly under the BinDawood Holding (BDH).
Despite challenges, strategic initiatives and acquisitions drove growth across multiple sectors and helped the Company gain market share in FY 2024. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Gross profit rose by 4.6% to 1,893.8 million Saudi Riyals, with the margin improving to 33.4% from 32.3% in FY 2024, exceeding the 32–33% guidance. This was driven by:
1. Better product mix. 2. Stronger supplier terms. 3. Operational efficiencies. 4. Contributions from the JTC and FTR.
Operating Expenses (Opex) increased by 4.6% to 1,531.0 million Saudi Riyals, with the Opex-to-sales ratio rising slightly to 26.97% from 26.13% Year on Year. Tighter controls helped limit the increase, despite investments in 1. Talent acquisition. 2. New stores opening in 2024. 3. Acquisition-related costs for the distribution and retail pharmacy business.
Net profit grew by 1.9%, reaching 280.2 million Saudi Riyals, driven by higher gross margins, partially offset by the increase in Opex due to investments in human capital and business expansion. |
| Statement of the type of external auditor’s report | Unmodified opinion |
| 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) | Not applicable |
| Reclassification of Comparison Items | None |
| Additional Information | 1. Non-current assets increased by 12.5% resulting from an increase in property and equipment, intangible assets and right-of-use assets.
2. Current assets decreased by 4.4% mainly because of decrease in trade and other receivables and cash and cash equivalents. 3. Current liabilities increased by 5.3% due to increase in trade payable. 4. Non-current liabilities increased by 9.1% because of increase in lease liabilities, end of service benefits and compulsory convertible debentures. 5. Total equity increased by 1.0% driven by an increase in retained earnings. 6. Post year-end, the necessary regulatory approvals and related formalities for the acquisition of Zahrat Al Rawdah Pharmacies LLC have been completed. |
| 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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Awards —
Our Awards
Salim Patka,
CFO of the Year
Saudi Trade Finance Awards
Fahad Al Shibini, Danube
Store Manager of the Year, Danube
Retail Middle East Awards