BinDawood Holding Co. reported a net profit after Zakat and tax of SAR 157.1 million for the first half of 2021, a drop of 50% from SAR 311.7 million in the year-ago period.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 2,960.81 | 2,247.24 | (24.1 %) |
| Gross Income | 956.57 | 772.76 | (19.2 %) |
| Operating Income | 358.94 | 199.72 | (44.4 %) |
| Net Income | 311.68 | 157.10 | (49.6 %) |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.27 | 0.14 | (49.6 %) |
The profit decline was driven by lower sales as H1 2020’s sales growth was driven largely by pantry-buying in Q2 in response to the pandemic.
In addition, revenue from stores serving the pilgrims declined due to limited inflow of local pilgrims during the period compared to the same period of the last year when Haramain stores were fully operational until mid-March 2020.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 1,547.59 | 1,122.82 | (27.4 %) |
| Gross Income | 504.12 | 399.40 | (20.8 %) |
| Operating Income | 210.25 | 115.01 | (45.3 %) |
| Net Income | 185.42 | 94.99 | (48.8 %) |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.16 | 0.08 | (48.8 %) |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 1,124.42 | 1,122.82 | (0.1 %) |
| Gross Income | 373.36 | 399.40 | 7.0 % |
| Operating Income | 84.71 | 115.01 | 35.8 % |
| Net Income | 62.12 | 94.99 | 52.9 % |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.05 | 0.08 | 52.9 % |
The company reported a net profit of SAR 95 million for Q2 2021, a 49% decline compared to the same quarter last year on lower revenue.
On sequential basis, Q2 net profit grew 53% on improved inventory and product cost management and lower operating expenses.
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