BinDawood Holding Co. reported a 50.8% decline in net profit after Zakat and tax to SAR 62.1 million for Q1 2021, compared to SAR 126.3 million in the year-earlier period.
The lower profits were driven by a 20.4% decline in revenues as a result of non-recurring pantry buying due to the COVID-19 pandemic, Haramain stores closing towards the end of Q1-2020, and suspension of normal schooling and switching to e-learning.
In addition, the decline in sales was due to a lack of promotional campaigns and food festivals to maintain social distancing restrictions to combat the pandemic. However, operating expenses decreased due to the curtailment of COVID-19 related costs in the current quarter.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 1,413.21 | 1,124.42 | (20.4 %) |
| Gross Income | 452.45 | 373.36 | (17.5 %) |
| Operating Income | 148.70 | 84.71 | (43.0 %) |
| Net Income | 126.26 | 62.12 | (50.8 %) |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.11 | 0.05 | (50.8 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 1,113.19 | 1,124.42 | 1.0 % |
| Gross Income | 359.05 | 373.36 | 4.0 % |
| Operating Income | 62.29 | 84.71 | 36.0 % |
| Net Income | 57.39 | 62.12 | 8.2 % |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.05 | 0.05 | 8.2 % |
When compared to the previous quarter, net profit after Zakat and tax rose by 13.23%, as revenue increased on the increase in company stores and lower operating expenses.
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