BinDawood Holding —
BinDawood Holding Co. announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,124,423 | 1,413,213 | -20.434 | 1,113,186 | 1.009 |
| Gross Profit (Loss) | 373,356 | 452,447 | -17.48 | 359,053 | 3.983 |
| Operational Profit (Loss) | 86,782 | 151,577 | -42.747 | 63,234 | 37.239 |
| Net Profit (Loss) after Zakat and Tax | 62,115 | 126,259 | -50.803 | 54,857 | 13.23 |
| Total Comprehensive Income | 62,115 | 126,259 | -50.803 | 54,857 | 13.23 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 1,375,054 | 1,312,940 | 4.73 |
| Profit (Loss) per Share | 0.54 | 1.1 | |
| All figures are in (Thousands) 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 declined by 20.4%, this was mainly attributable to:
1. non-recurring pantry buying in the previous year due to the start of the coronavirus pandemic. 2. as well as sales from Haramain stores that were closed towards the end of Q1-20. 3. Suspension normal schooling and switch to E-learning. 4. the decline in sales is also due to lack of promotional campaigns and food festivals in order to maintain social distancing restrictions to combat the pandemic.
Q1 2021 gross profit remains lower as compared to Q1 2020 gross profit of SAR 452.4 million due to drop in sales as explained above.
Operating expenses in Q1 2021 were SAR 288.6 million versus SAR 303.8 in Q1 2020. The decrease in expenses is due to curtailment of Covid-19 related expenses in the current quarter. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | Revenue increased by 1.0% compared to the previous quarter, mainly due to an increase in BinDawood stores, mainly from the Haramain area following the limited return of local pilgrims under precautionary conditions set forth by the authorities. Gross profit also increased by 4.0% due to the aforementioned reasons.
Operating expenses slightly decreased in Q1-21 due to operational efficiency. As a result, net profit for the period was 8.2% higher than the previous quarter. |
| 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 2021 was SAR 272.3 million versus SAR 31.4 million in Q4 2020. This significant decrease was due to considerable increase in working capital investment in Q4 2020. The cash generated from operations was higher at SAR 419.9 million in Q1 2020, reflecting higher profitability and lower investment in working capital.
As of 31 March 2021, the Company had a cash balance of SAR 396.6 million, which represented an increase of 70.8% as compared to 31 December 2020.
Significant movements in the Statement of Financial Position as at 31 March 2021 were noted as follows: 1. Current assets increased by 6.1% in Q1 2021 on account of increase in receivables and cash balances. 2. Current liabilities increased by 2.5% in Q1 2021 due to increase in trade payables, accruals and other liabilities. 3. Shareholders’ equity increased by 4.7% driven by an increase in retained earnings. |
| Attached Documents |  |
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