Riyadh –  BinDawood Holding Company posted net profits after Zakat and tax worth SAR 152.06 million during the first nine months (9M) of 2023, higher by 154.36% year-on-year (YoY) than SAR 59.78 million.

Earnings per share (EPS) stood at SAR 0.31 in 9M-23, marking an annual surge from SAR 0.12, according to the interim financial results.

Revenues increased by 16.01% YoY to SAR 4.15 billion as of 30 September 2023 from SAR 3.57 billion.

Income Statements for Q3-23

In the third quarter (Q3) of 2023, the Saudi group turned profitable at SAR 34.03 million, compared to net losses valued at SAR 48 million in Q3-22.

The firm achieved revenues amounting to SAR 1.35 billion during the July-September 2023 period, up 14.90% YoY from SAR 1.18 billion.

On a quarterly basis, the Q3-23 net profits dropped by 48.29% from SAR 65.82 million in Q2-23, while the revenues declined by 3.74% from SAR 1.41 billion.

Ahmad BinDawood, CEO of BinDawood Holding, commented: “Our inherent resilience and a strong focus on serving our customers, coupled with continuous improvement in operational efficiency, has resulted in a solid performance for 9M.”

“Looking ahead, management continues to focus on increasing customer footfall and retention, improving sales mix and basket size, expanding the geographical footprint through a careful selection of sites and formats, and using our significant cash reserves and debt servicing ability to seek inorganic growth that complements our existing business,” BinDawood added.

Dividends for H1-23

The board members approved cash dividends valued at SAR 114.30 million, representing 10% of the capital, for the first half (H1) of 2023.

The company will grant a dividend of SAR 0.10 per share for 1.14 billion eligible shares.

Eligibility and payment dates for the dividends will be 16 and 30 November 2023, respectively.

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