{"id":23078,"date":"2023-05-23T14:46:08","date_gmt":"2023-05-23T14:46:08","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=23078"},"modified":"2023-05-23T14:46:47","modified_gmt":"2023-05-23T14:46:47","slug":"bindawood-holdings-net-profit","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2023\/05\/23\/bindawood-holdings-net-profit\/","title":{"rendered":"BinDawood Holding&#8217;s Q1 net profit drops 20 per cent"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span data-preserver-spaces=\"true\">Saudi retail operator of hypermarkets and supermarkets <a href=\"https:\/\/www.meretailnews.com\/2022\/11\/09\/bindawood-holding-9m-2022-results\/\">BinDawood Holding<\/a> has reported a 20 per cent year-on-year drop in Q1 2023 net profit to 52 million riyals ($13.8 million) due to a one-off gain of SAR17 million accrued in the prior period.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The net profit fell short of analysts\u2019 mean estimate of SAR 69.6 million, according to data compiled by <em>Refinitiv&#8217;s Eikon<\/em>.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">CEO of BinDawood Holding, Ahmad Abdulrazzaq BinDawood, said: &#8220;In addition, we will continue exploring international opportunities, both organic and inorganic, to achieve geographical diversity.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">&#8220;Our strong liquidity and debt-free position allow us to undertake acquisitions whenever an attractive opportunity is identified.&#8221;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><a href=\"https:\/\/www.bindawoodholding.com\/\" target=\"_blank\" rel=\"noopener\">BidDawood&#8217;s<\/a> revenue rose by 18 per cent to SAR 1.4 billion as the return of pilgrims and tourists increased the performance of Haramain stores in Makkah and Madinah.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Revenue growth was also enhanced by the improved preparation for Ramadan as well as the company&#8217;s expanded digital presence, said BinDawood in a regulatory filing on Riyadh&#8217;s Tadawul exchange on Tuesday.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The retailer said it plans to roll out six or seven new stores in all three formats with a strategic focus on major cities in the Western and Central Regions of the country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As of March 31, the company had a cash balance of SAR 705.2 million versus SAR 509.3 million on December 31, 2022.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Last August, the Holding acquired an 80.5 per cent stake in Paris-based marketing agency Ykone through its wholly-owned subsidiary Future Technology Retail.<\/span><\/p>\n<p>The company has 83 stores, which include 54 hypermarkets, 26 supermarkets, and three express stores, located across Saudi Arabia and Bahrain, operating two complementary brands: BinDawood and Danube.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BinDawood Holding&#8217;s net profit has dropped by 20% YoY drop in Q1 2023 due to a one-off gain of SAR17 million accrued in the prior period<\/p>\n","protected":false},"author":40,"featured_media":18067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1323,1],"tags":[3990,2683],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23078"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=23078"}],"version-history":[{"count":3,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23078\/revisions"}],"predecessor-version":[{"id":23081,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23078\/revisions\/23081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/18067"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=23078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=23078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=23078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}