BinDawood Holding Co. reported a net profit after Zakat and tax of SAR 390.3 million for the first nine months of 2020, up 32%, compared to SAR 295.3 million in the same period last year.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 3,623.50 | 4,043.29 | 11.6 % |
| Gross Income | 1,222.70 | 1,312.84 | 7.4 % |
| Operating Income | 361.44 | 443.05 | 22.6 % |
| Net Income | 295.26 | 390.33 | 32.2 % |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.26 | 0.34 | 32.2 % |
The company attributed the increase in net profit to 11.6% rise in revenues due to four new stores opening, in addition to a 7.4% increase in gross profit.
Danube performance helped offset a decline at BinDawood stores. Danube saw a 23.5% rise in sales to SAR 540.2 million in 9M 2020 as the company responded to a growing demand in premium food products.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 1,196.41 | 1,082.48 | (9.5 %) |
| Gross Income | 447.28 | 356.27 | (20.3 %) |
| Operating Income | 146.83 | 84.11 | (42.7 %) |
| Net Income | 124.47 | 78.65 | (36.8 %) |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.11 | 0.07 | (36.8 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 1,547.59 | 1,082.48 | (30.1 %) |
| Gross Income | 504.12 | 356.27 | (29.3 %) |
| Operating Income | 210.25 | 84.11 | (60.0 %) |
| Net Income | 185.42 | 78.65 | (57.6 %) |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.16 | 0.07 | (57.6 %) |
In Q3 2020, the company reported a 37% year-on-year (YoY) decline in net profit after Zakat and tax of SAR 78.7 million, driven by a 9.5% decrease in revenue due to seasonality factors.
Meanwhile, operating expenses and depreciation remained within the same range.
On a quarterly basis, Q3 2020 net profit dropped 57.5% on higher revenues backed by rise in sales.
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