BinDawood Holding —
BinDawood Holding Co. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,175,234,981 | 1,124,423,383 | 4.518 | 1,057,120,905 | 11.173 |
| Gross Profit (Loss) | 383,670,182 | 373,356,214 | 2.762 | 268,861,639 | 42.701 |
| Operational Profit (Loss) | 72,817,428 | 86,781,857 | -16.091 | -24,779,727 | – |
| Net Profit (Loss) after Zakat and Tax | 65,458,505 | 62,114,527 | 5.383 | 13,215,111 | 395.33 |
| Total Comprehensive Income | 65,458,505 | 62,114,527 | 5.383 | 13,728,080 | 376.821 |
| 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) | 1,402,305,062 | 1,411,141,557 | -0.626 |
| Profit (Loss) per Share | 0.57 | 0.54 | |
| 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 2022 was SAR 1,175.2 million, up 4.5% as compared to the same period last year.
The primary driver behind the increase in revenue was the return of Sha’ban and Back to School seasons. In addition, the BinDawood Haramain stores, located in Makkah and Madinah, benefitted from the government lifting all restrictions on pilgrims performing Umrah.
Gross profit for Q1 2022 was SAR 383.7 million as compared to SAR 373.4 million in Q1 2021. Gross margin of 32.6% in Q1 2022 was marginally lower than the 33.2% margin achieved in Q1 2021 due to the return of the regular marketing campaign schedule.
Operating expenses in Q1 2022 were SAR 312.8 million versus SAR 288.6 million in Q1 2021. The year-on-year increase reflects the impact of new store openings during 2021.
The Company’s Q1 2022 net profit was SAR 65.5 million versus SAR 62.1 million for the same period last year, which also reflected rental relief of SAR 17.1 million which offset the slight reduction in gross margin and the increase in operating expenses, as explained above |
| 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 11.2%, from SAR 1,057.1 million in Q4 2021.
The primary driver behind the increase in revenue was the return of Sha’ban and Back to School seasons. In addition, the BinDawood Haramain stores, located in Makkah and Madinah, benefitted from the government lifting all restrictions on pilgrims performing Umrah. Gross profit for Q1 2022 was SAR 383.7 million as compared to SAR 268.9 million in Q4 2021. Gross margin of 32.6% in Q1 2022 was far higher than the 25.4% posted in Q4 2021, which reflected the cumulative impact of lower supplier rebates on lower sales. Operating expenses in Q1 2022 were SAR 312.8 million versus SAR 296.9 million in Q4 2021. The sequential increase was due to staff related costs and expenses.
The Company’s Q1 2022 net profit was SAR 65.5 million versus SAR 13.2 million. The increase is due to an increase in sales and improvement in Gross Margin. |
| 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 2022 was SAR 420.1 million versus SAR 214.6 million in Q4 2021. As of 31 March 2022, the Company had a cash balance of SAR 778.6 million, which represented an increase of 60.8% as compared to 31 December 2021.
Significant movements in the Statement of Financial Position as at 31st March 2022 were noted as follows: 1. Non-current assets decreased by 1.9% in Q1 2022 driven mainly by the depreciation of assets and amortization of Right-of-use assets. 2. Current assets increased by 19.9% in Q1 2022 due to an increase in prepayments and mainly in Cash and cash equivalents. 3. Current liabilities were increased by 36.3% in Q1 2022 due to an increase in trade payables, Dividend payable, and due to related parties. 4. Non-current liabilities reduced by 2.6% in Q1 2022 due to lease modifications and COVID-related rental concessions. 5. Shareholders’ equity decreased by 0.6% driven by the 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.
Awards —
Our Awards
Salim Patka,
CFO of the Year
Saudi Trade Finance Awards
Danube Online
Excellence in Digital Innovation
IDC CIO Excellence Awards, KSA
