BinDawood Holding’s revenue gradually returning to normal levels: CEO

Chief Executive Officer, Ahmad Abdulrazzaq

BinDawood Holding Co.’s revenue started to gradually return to normal levels, CEO Ahmad AR. BinDawood said in a statement, of which Argaam received a copy.

BinDawood Holding continues its pursuit of consistently expanding the company’s branch network, said BinDawood, adding that the firm managed to generate robust cash flows without securing any bank debts.

“Our strong start to the year in terms of sales has been driven by a return of pilgrims for Hajj and Umrah, coupled with marketing and promotions carried out during Ramadan and Back to School seasons,” he added.

BinDawood attributed the slight decline in the company’s gross profit margins to the impact of the promotional activities as well as the royalty program, in addition to the management’s thoroughly-studied decisions related to reducing profit margins of certain product categories to spur sales.

BinDawood Holding’s H1 2022 profit dropped 31% to SAR 107.8 million, compared to SAR 157.1 million in a year-earlier period, Argaam reported.