Financial Results : BinDawood Holding profit up 9% to SAR 65.7M in Q1 2025

BinDawood Holding profit up 9% to SAR 65.7M in Q1 2025

14/05/2025 Argaam Exclusive

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BinDawood Holding Co. reported a net profit rise of 9% before minority interest to SAR 65.7 million in Q1 2025, from SAR 60.5 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 1,472.92 1,674.39 13.7 %
Gross Income 451.04 528.70 17.2 %
Operating Income 83.39 92.78 11.3 %
Net Income 60.55 65.72 8.5 %
Average Shares 1,143.00 1,143.00 -
Earnings Per Share before unusual items (Riyals) 0.05 0.06 8.5 %
EPS (Riyals) 0.05 0.06 8.5 %

The profit increase is driven by a 13.7% revenue growth to SAR 1.67 billion due to the rise in retail sales, strong seasonal campaigns, and opening three retail stores, including new convenience stores.

 

Meanwhile, sales benefited from stores opened in 2024 (full-period impact).

 

The company also reported higher growth in Future Retail Tech’s (FTR) both companies—International Application Co. (IACo) and Ykone.

 

IACo had strong online sales on addition of more dark stores, better product availability, fast order delivery, and good support from delivery apps like Jahez and the Chefz.

 

Ykone grew well in Europe and continued strong performance in the Middle East; and saw an improvement in India after the acquisition on Barcode business.

 

BinDawood Holding’s newly acquired distribution business, which was acquired after the second quarter 2024, continued to show rising sales.

 

Furthermore, the newly acquired pharmacy business, which was acquired in Q1 2025, also contributed to revenue, along with organic growth, three standalone pharmacies and four in-store pharmacies (within BinDawood and Danube stores) were launched in Q1 2025, contributing to overall sales.

 

On the other hand, operating expenses rose 18.7% to SAR 438.5 million from SAR 369.5 million in Q1 2024.

 

The company’s three-month earnings dropped 40.1% from SAR 109.66 million in Q4 2024, on a lower profit margin.

 

Shareholders’ equity, no minority interest, amounted to SAR 1.35 billion at the end of Q1 2025, from SAR 1.45 billion a year earlier.

Attached documents 

 

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 1,120.48 - 357.53 - 91.33 -
Q2 2019 1,306.61 - 417.88 - 123.28 -
Q3 2019 1,196.41 - 447.28 - 146.83 -
Q4 2019 1,220.27 - 421.83 - 145.42 -
Q1 2020 1,413.21 26.1 % 452.45 26.5 % 148.70 62.8 %
Q2 2020 1,547.59 18.4 % 504.12 20.6 % 210.25 70.5 %
Q3 2020 1,082.48 (9.5 %) 356.27 (20.3 %) 84.11 (42.7 %)
Q4 2020 1,113.19 (8.8 %) 359.05 (14.9 %) 62.29 (57.2 %)
Q1 2021 1,124.42 (20.4 %) 373.36 (17.5 %) 84.71 (43.0 %)
Q2 2021 1,122.82 (27.4 %) 399.40 (20.8 %) 115.01 (45.3 %)
Q3 2021 1,077.81 (0.4 %) 397.30 11.5 % 93.25 10.9 %
Q4 2021 1,057.12 (5.0 %) 268.86 (25.1 %) (28.00) (145.0 %)
Q1 2022 1,175.24 4.5 % 383.67 2.8 % 70.89 (16.3 %)
Q2 2022 1,220.91 8.7 % 378.15 (5.3 %) 62.86 (45.3 %)
Q3 2022 1,182.55 9.7 % 307.17 (22.7 %) (29.38) (131.5 %)
Q4 2022 1,318.34 24.7 % 368.09 36.9 % 38.02 235.8 %
Q1 2023 1,381.16 17.5 % 416.63 8.6 % 74.50 5.1 %
Q2 2023 1,411.60 15.6 % 452.05 19.5 % 96.74 53.9 %
Q3 2023 1,358.76 14.9 % 420.86 37.0 % 53.88 283.4 %
Q4 2023 1,451.40 10.1 % 520.25 41.3 % 129.39 240.3 %
Q1 2024 1,472.92 6.6 % 451.04 8.3 % 83.39 11.9 %
Q2 2024 1,417.84 0.4 % 480.43 6.3 % 98.89 2.2 %
Q3 2024 1,361.33 0.2 % 449.51 6.8 % 53.61 (0.5 %)
Q4 2024 1,425.59 (1.8 %) 512.80 (1.4 %) 127.34 (1.6 %)
Q1 2025 1,674.39 13.7 % 528.70 17.2 % 92.78 11.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 69.15 - 0.06 - 69.15 0.06
Q2 2019 101.64 - 0.09 - 101.64 0.09
Q3 2019 124.47 - 0.11 - 124.47 0.11
Q4 2019 123.87 - 0.11 - 123.87 0.11
Q1 2020 126.26 82.6 % 0.11 - 126.26 0.11
Q2 2020 185.42 82.4 % 0.16 - 185.42 0.16
Q3 2020 78.65 (36.8 %) 0.07 14.90 63.75 0.06
Q4 2020 57.39 (53.7 %) 0.05 12.69 44.70 0.04
Q1 2021 62.12 (50.8 %) 0.05 - 62.12 0.05
Q2 2021 94.99 (48.8 %) 0.08 - 94.99 0.08
Q3 2021 70.24 (10.7 %) 0.06 3.57 66.68 0.06
Q4 2021 13.22 (77.0 %) 0.01 61.16 (47.94) (0.04)
Q1 2022 65.46 5.4 % 0.06 17.15 48.31 0.04
Q2 2022 42.34 (55.4 %) 0.04 - 42.34 0.04
Q3 2022 (48.26) (168.7 %) (0.04) - (48.26) (0.04)
Q4 2022 59.13 347.4 % 0.05 40.05 19.07 0.02
Q1 2023 51.49 (21.3 %) 0.05 - 51.49 0.05
Q2 2023 69.30 63.7 % 0.06 (9.00) 78.30 0.07
Q3 2023 34.91 172.3 % 0.03 - 34.91 0.03
Q4 2023 120.83 104.4 % 0.11 - 120.83 0.11
Q1 2024 60.55 17.6 % 0.05 - 60.55 0.05
Q2 2024 72.65 4.8 % 0.06 - 72.65 0.06
Q3 2024 33.29 (4.6 %) 0.03 - 33.29 0.03
Q4 2024 109.66 (9.3 %) 0.10 - 109.66 0.10
Q1 2025 65.72 8.5 % 0.06 - 65.72 0.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 33.95 % 9.42 % 8.65 %
Q1 2020 33.86 % 10.50 % 9.27 %
Q2 2020 33.95 % 15.16 % 10.41 %
Q3 2020 32.96 % 14.35 % 9.49 %
Q4 2020 32.42 % 18.23 % 8.15 %
Q1 2021 32.72 % 19.74 % 7.31 %
Q2 2021 33.49 % 17.41 % 5.98 %
Q3 2021 34.45 % 17.62 % 6.05 %
Q4 2021 32.84 % 15.65 % 4.01 %
Q1 2022 32.69 % 15.10 % 3.66 %
Q2 2022 31.52 % 13.85 % 2.41 %
Q3 2022 28.86 % 10.99 % (0.12 %)
Q4 2022 29.35 % 11.88 % 1.25 %
Q1 2023 28.81 % 11.56 % 1.27 %
Q2 2023 29.17 % 12.05 % 1.90 %
Q3 2023 30.30 % 13.28 % 3.36 %
Q4 2023 32.30 % 14.61 % 5.10 %
Q1 2024 32.38 % 14.64 % 5.17 %
Q2 2024 32.85 % 14.52 % 5.07 %
Q3 2024 33.33 % 14.54 % 5.04 %
Q4 2024 33.35 % 14.79 % 4.86 %
2024 33.35 % 14.78 % 4.79 %
Q1 2025 33.53 % - 4.73 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 1,143.00 - - -
Q2 2019 1,143.00 - - 0.86
Q3 2019 1,143.00 - - 0.97
Q4 2019 1,143.00 0.37 0.37 1.04
Q1 2020 1,143.00 0.42 0.42 1.15
Q2 2020 1,143.00 0.49 0.49 1.23
Q3 2020 1,143.00 0.45 0.44 1.30
Q4 2020 1,143.00 0.39 0.37 1.15
Q1 2021 1,143.00 0.34 0.31 1.20
Q2 2021 1,143.00 0.26 0.23 1.29
Q3 2021 1,143.00 0.25 0.23 1.22
Q4 2021 1,143.00 0.21 0.15 1.23
Q1 2022 1,143.00 0.21 0.14 1.23
Q2 2022 1,143.00 0.17 0.10 1.26
Q3 2022 1,143.00 0.06 0.00 1.13
Q4 2022 1,143.00 0.10 0.05 1.19
Q1 2023 1,143.00 0.09 0.06 1.23
Q2 2023 1,143.00 0.12 0.09 1.19
Q3 2023 1,143.00 0.19 0.16 1.22
Q4 2023 1,143.00 0.24 0.25 1.22
Q1 2024 1,143.00 0.25 0.26 1.27
Q2 2024 1,143.00 0.25 0.25 1.22
Q3 2024 1,143.00 0.25 0.25 1.26
Q4 2024 1,143.00 0.24 0.24 1.22
Q1 2025 1,143.00 0.24 0.24 1.19

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 30.38 32.38 10.36
Q1 2021 32.48 35.00 9.06
Q2 2021 43.20 47.69 8.62
Q3 2021 43.19 45.81 8.80
Q4 2021 45.52 62.27 7.76
Q1 2022 44.85 67.51 7.80
Q2 2022 53.79 94.05 7.12
Q3 2022 More than 100 NEG 6.04
Q4 2022 46.62 90.02 4.08
Q1 2023 71.95 More than 100 5.37
Q2 2023 64.51 84.42 6.23
Q3 2023 32.78 38.31 5.07
Q4 2023 25.59 24.78 5.06
Q1 2024 35.30 34.22 6.92
Q2 2024 29.23 29.23 6.03
Q3 2024 31.03 31.03 6.19
Q4 2024 26.78 26.78 5.29
Q1 2025 26.25 26.25 5.38

Business Segments (Million)

Compared With The
Period Danube markets Bin Dawood Markets Others
Q3 2021 807.60 270.20 -
Q4 2021 752.30 304.80 -
Q1 2022 813.70 361.08 0.46
Q2 2022 791.04 426.62 3.26
Q3 2022 770.00 374.50 38.05
Q4 2022 858.26 368.80 91.24
Q1 2023 873.10 446.30 61.76
Q2 2023 870.50 465.80 75.30
Q3 2023 867.20 414.60 77.00
Q4 2023 897.30 405.90 148.30
Q1 2024 934.90 484.00 54.02
Q2 2024 884.40 450.10 83.34
Q3 2024 844.40 361.90 155.00
Q4 2024 885.10 388.10 152.70

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change‬
Average 64.80 65.72 1.40 %

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
SNB Capital 65.60 65.72 0.2 %
AlJazira Capital 64.90 65.72 1.2 %
Al Rajhi Capital 63.00 65.72 4.1 %
Sico 69.50 65.72 (5.8) %
Riyad Capital 61.00 65.72 7.2 %

Current
Market Cap (M Riyal) 7,258.05
Enterprise Value (EV) (M) 6,891.97
Shares Outstanding ((M)) 1,143.00
EPS ( Riyal) (TTM) 0.24
Book Value (BV) ( Riyal) 1.19
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 26.09
P/E (TTM) 26.09
Price/book 5.35
Return on Average Assets (%) (TTM) 5.3
Return on Average Equity (%) (TTM) 19.8

Share Price

6.35
(0.08) (1.24 %)

BinDawood Holding Co. (BINDAWOOD)


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