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BinDawood’s net profit up 7% to SAR 447.7 mln in 2020
29/03/2021
Argaam Exclusive
BinDawood Holding Co. reported a net profit after Zakat and tax of SAR 447.7 million in 2020, up 7%, compared to SAR 419.1 million in 2019.
Financials (M)
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 4,843.77 | 5,156.47 | 6.5 % |
| Gross Income | 1,644.53 | 1,671.89 | 1.7 % |
| Operating Income | 506.87 | 505.34 | (0.3 %) |
| Net Income | 419.14 | 447.72 | 6.8 % |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.37 | 0.39 | 6.8 % |
The company attributed the increase in net profit to a 6.5% year-on-year (YoY) rise in revenues to SAR 5.156 billion.
The growth in sales was mainly driven by the subsidiary's stores, Danube supermarkets, which contributed SAR 3.655 billion, an annual increase of 17.5%.
Danube’s record sales helped to offset a reduction in BinDawood sales, the company highlighted.
BinDawood registered a 1.7% rise in gross profit during 2020, while it recorded a 2.5% increase in its operating expenses.
The net profit after Zakat and tax slumped 54% YoY to SAR 57.4 million in Q4 2020.
Current Quarter Comparison (M)
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 1,220.27 | 1,113.19 | (8.8 %) |
| Gross Income | 421.83 | 359.05 | (14.9 %) |
| Operating Income | 145.42 | 62.29 | (57.2 %) |
| Net Income | 123.87 | 57.39 | (53.7 %) |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.11 | 0.05 | (53.7 %) |
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Share Price
BinDawood Holding Co. (BINDAWOOD)
| Current | |
| Market Cap (M Riyal) | 7,818.12 |
| Enterprise Value (EV) (M) | 7,387.41 |
| Shares Outstanding ((M)) | 1,143.00 |
| EPS ( Riyal) (TTM) | 0.25 |
| Book Value (BV) ( Riyal) | 1.26 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 27.29 |
| P/E (TTM) | 27.29 |
| Price/book | 5.43 |
| Return on Average Assets (%) (TTM) | 5.6 |
| Return on Average Equity (%) (TTM) | 20.2 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
| 2020 | 5,156.47 | 6.5 % | 1,671.89 | 1.7 % | 505.34 | (0.3 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
| 2020 | 447.72 | 6.8 % | 0.39 | 27.60 | 420.12 | 0.37 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| 2020 | 32.42 % | 18.23 % | 8.15 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2020 | - | - | - |
| Q2 2020 | - | - | - |
| Q3 2020 | - | - | - |
| Q4 2020 | 30.38 | 32.38 | 10.36 |
Business Segments (Million)
2020
| Period | Danube markets | Bin Dawood Markets |
|---|
Analysts Estimates (Million)
| Item | Q4 2020 (e) | Q4 2020 (a) | Change |
|---|---|---|---|
| Average | 118.50 | 57.39 | (51.6 %) |
Estimates vs Actual (Million)
| Item | Q4 2020 (e) | Q4 2020 (a) | Change |
|---|---|---|---|
| AlJazira Capital | 105.50 | 57.39 | (45.6) % |
| SNB Capital | 122.00 | 57.39 | (53.0) % |
| Al Rajhi Capital | 128.00 | 57.39 | (55.2) % |
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