BinDawood Holding —
BinDawood Holding Company Announces Its Annual Consolidated Financial Results for the Year Ended 31st December 2021
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 4,382,169,554 | 5,156,471,599 | -15.016 | ||
| Gross Profit (Loss) | 1,438,916,272 | 1,671,891,150 | -13.934 | ||
| Operational Profit (Loss) | 274,624,205 | 514,570,676 | -46.63 | ||
| Net Profit (Loss) after Zakat and Tax | 240,563,746 | 447,721,992 | -46.269 | ||
| Total Comprehensive Income | 241,076,715 | 445,186,601 | -45.848 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 1,411,141,557 | 1,312,939,842 | 7.479 | ||
| Profit (Loss) per Share | 2.1 | 3.92 | |||
| 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 | BinDawood Holding revenues for the full year 2021 amounted to SAR 4,382.2 million versus SAR 5,156.5 in 2020.
Danube and BinDawood stores sales decline were primarily driven by lower H1 sales as compared to the same period in 2020, which benefited enormously from pantry-buying in response to the pandemic lockdowns and the lead-up to the VAT hike. In addition, the Company’s sales performance continued to be impacted by pandemic travel restrictions leading to a lack of pilgrim inflow during Umrah, Hajj and Ramadan seasons and store restrictions in the Makkah and Madinah area, coupled with the lack of promotional campaigns such as Back to School, year-end and food festivals.
Gross profit for the full year 2021 is SAR 1,438.9 million versus SAR 1,671.9 million in 2020 and despite the drop in absolute terms, the Company posted a higher gross profit margin of 32.8% in 2021 as compared to 32.4% in 2020. The increase was due to stringent and efficient wastage and shrinkage controls and improvement in pricing and procurement efficiency.
Operating expenses for the full year 2021 were broadly in line with 2020 despite opening 4 additional stores. In 2021, the Company had no Covid-19 related relief support, whereas, in 2020, SAR 15.5 million was secured in the form of bank fee waivers and subsidized electricity charges.
Net profit for the full year 2021 is SAR 240.6 million versus SAR 447.7 million in 2020 |
| 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 | NA |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the current period’s presentation. These reclassifications have no impact on the net profit, retained earnings and financial position of the Company, as at 31 December 2021.
See note no 27 of the Financial Statements for more detail. |
| Additional Information | Significant changes in the financial position as at 31st December 2021 were noted as follows:
1. Non-current assets decreased by 9.7% in FY21 driven mainly by the depreciation of assets and amortization of Right-of-use assets. 2. Current assets increased by 10.0% in FY21 due to an increase in Trade receivables and Cash and cash equivalents. 3. Current liabilities were reduced marginally by 5.4% in FY21 due to a reduction in Trade payables. 4. Non-current liabilities reduced by 7.5% in FY21 due to lease modifications and COVID-related rental concessions. 5. Shareholders’ equity increased by 7.5% driven by an 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.
Awards —
Our Awards
Ahmad AR. BinDawood
CEO of the Year
Saudi Top Achiever Awards
Salim Patka,
CFO of the Year
Saudi Trade Finance Awards
