BinDawood Holding Co. reported a net profit of SAR 275.1 million for 2023, more than double from SAR 124.7 million in the previous year.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 4,897.03 | 5,602.93 | 14.4 % |
| Gross Income | 1,437.07 | 1,809.79 | 25.9 % |
| Operating Income | 142.39 | 354.51 | 149.0 % |
| Net Income | 118.66 | 276.53 | 133.1 % |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.10 | 0.24 | 133.1 % |
Revenue grew 14.4% year-on-year (YoY) to SAR 5.6 billion, driven by exceptional sales from BinDawood and Danube stores. The full-year impact of subsidiaries acquired in July 2022 also contributed to the revenue rise.
Gross profit margin improved to 32.3% from 29.3% in 2022 and gross profit increased to SAR 1.8 billion in 2023 from SAR 1.43 billion, backed by enhanced customer engagement, better product mix, strategic supplier negotiations, cost management, and a focus on quality output.
Meanwhile, operating expenses (OpEx) rose to SAR 1.46 billion in 2023 from SAR 1.29 billion a year ago. As a percentage of revenue, OpEx reduced to 26.1% in 2023 from 26.4% in 2022 despite cost incurred to enhance the dark store mechanism, full period impact of new stores, amortization of intangible assets incurred, full-period operating cost impact of operating subsidiaries under Future Retail for Information Technology acquired in 2022, and, merger and acquisitions related consultancy services.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,318.34 | 1,451.40 | 10.1 % |
| Gross Income | 368.09 | 520.25 | 41.3 % |
| Operating Income | 38.02 | 132.29 | 247.9 % |
| Net Income | 59.13 | 120.84 | 104.4 % |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.05 | 0.11 | 104.4 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,358.76 | 1,451.40 | 6.8 % |
| Gross Income | 420.86 | 520.25 | 23.6 % |
| Operating Income | 53.88 | 132.29 | 145.5 % |
| Net Income | 34.91 | 120.84 | 246.1 % |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.03 | 0.11 | 246.1 % |
The fourth-quarter net profit jumped 83.1% YoY to SAR 119.4 million.
The company’s three-month earnings spiked from SAR 34.91 million in Q3 2023.
Shareholders’ equity, after minority interest, amounted to SAR 1.39 billion at the end of 2023, from SAR 1.35 billion a year earlier.
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