Financial Results : BinDawood Holding profit falls 8% to SAR 156.4M in 9M 2025; Q3 at SAR 40.2M

BinDawood Holding profit falls 8% to SAR 156.4M in 9M 2025; Q3 at SAR 40.2M

10/11/2025 Argaam Exclusive

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BinDawood Holding Co. reported a net profit SAR 156.4 million (before minority interest) in the first nine months of 2025, a fall of 8% from SAR 170.6 million in the year-earlier period.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 4,252.10 4,678.13 10.0 %
Gross Income 1,380.98 1,582.73 14.6 %
Operating Income 241.73 248.81 2.9 %
Net Income 170.59 156.40 (8.3 %)
Average Shares 1,143.00 1,143.00 -
Earnings Per Share before unusual items (Riyals) 0.15 0.14 (8.3 %)
EPS (Riyal) 0.15 0.14 (8.3 %)

Operating expenses increased to SAR 1.33 billion, due to consolidation of retail pharma and distribution businesses, as well as full-period impact of store operating costs for 2024 openings and new stores launched in 2025. This was along with integration of pharmacy sections within BinDawood and Danube stores, as well as higher staffing, utilities, and logistics expenses.

 

However, the company achieved 10% revenue growth in 9M 2025, driven by growth in retail grocery, retail pharma, and distribution segments.

 

The third-quarter net earnings rose 15% to SAR 40.2 million, from SAR 35 million a year earlier, spurred mainly by higher sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 1,361.33 1,529.41 12.3 %
Gross Income 449.51 520.75 15.8 %
Operating Income 56.65 75.60 33.5 %
Net Income 35.00 40.20 14.9 %
Average Shares 1,143.00 1,143.00 -
Earnings Per Share before unusual items (Riyal) 0.03 0.04 14.9 %
EPS (Riyal) 0.03 0.04 14.9 %

The company’s Q3 net income fell 20.4% from SAR 50.48 million.

 

Total shareholders’ equity, after minority interest, reached SAR 1.45 billion as of Sept. 30, 2025, compared to SAR 1.44 billion in the corresponding period of 2024.

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 % 81.58 9.5 %
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 % 56.65 5.1 %
Q4 2024 1,425.59 (1.8 %) 512.80 (1.4 %) 128.69 (0.5 %)
Q1 2025 1,674.39 13.7 % 528.70 17.2 % 90.21 10.6 %
Q2 2025 1,474.31 4.0 % 533.29 11.0 % 80.42 (18.7 %)
Q3 2025 1,529.41 12.3 % 520.75 15.8 % 75.60 33.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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 59.66 15.9 % 0.05 - 59.66 0.05
Q2 2024 72.65 4.8 % 0.06 - 72.65 0.06
Q3 2024 35.00 0.3 % 0.03 - 35.00 0.03
Q4 2024 106.56 (11.8 %) 0.09 - 106.56 0.09
Q1 2025 67.12 12.5 % 0.06 - 67.12 0.06
Q2 2025 50.48 (30.5 %) 0.04 - 50.48 0.04
Q3 2025 40.20 14.9 % 0.04 - 40.20 0.04

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 % - 8.65 %
Q1 2020 33.86 % - 9.27 %
Q2 2020 33.95 % - 10.41 %
Q3 2020 32.96 % - 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 % 14.61 % 5.16 %
Q2 2024 32.85 % 14.49 % 5.05 %
Q3 2024 33.33 % 14.56 % 5.05 %
Q4 2024 33.35 % 14.84 % 4.82 %
2024 33.35 % 14.78 % 4.79 %
Q1 2025 33.53 % 14.61 % 4.79 %
Q2 2025 34.10 % 14.43 % 4.37 %
Q3 2025 34.33 % - 4.33 %


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 0.25 0.25 1.19
Q2 2025 1,143.00 0.23 0.23 1.24
Q3 2025 1,143.00 0.23 0.23 1.28

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring 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 35.41 34.32 6.92
Q2 2024 29.32 29.32 6.03
Q3 2024 30.94 30.94 6.19
Q4 2024 27.00 27.00 5.29
Q1 2025 25.96 25.96 5.38
Q2 2025 26.90 26.90 4.91
Q3 2025 24.43 24.43 4.43

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
Q1 2025 974.17 512.07 188.15

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 37.24 40.20

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
Sico 39.10 40.20
Riyad Capital 39.00 40.20
AlJazira Capital 41.50 40.20
SNB Capital 38.00 40.20
U-Capital 28.60 40.20

Current
Market Cap (M Riyal) 6,320.80
Enterprise Value (EV) (M Riyal) 6,445.28
Shares Outstanding ((M)) 1,143.00
EPS ( Riyal) (TTM) 0.23
Book Value (BV) ( Riyal) 1.28
Par Value ( Riyal) 1.00
Recurring P/E 23.91
P/E (TTM) 23.91
Price/book 4.33
Return on Average Assets (%) (TTM) 4.8
Return on Average Equity (%) (TTM) 18.2
EV/adj EBITDA -
EV/Revenues 1.06

Share Price

5.53
0.10 1.84 %

BinDawood Holding Co. (BINDAWOOD)


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