BinDawood Holding net profit down 42% to SAR 227.4 mln in 9M 2021
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BinDawood Holding Co. reported a net profit after Zakat and tax of SAR 227.4 million for the first nine months of 2021, a fall of 42% from SAR 390.3 million in the year-earlier period.
Financials (M)
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 4,043.29 | 3,325.05 | (17.8 %) |
| Gross Income | 1,312.84 | 1,170.06 | (10.9 %) |
| Operating Income | 443.05 | 292.97 | (33.9 %) |
| Net Income | 390.33 | 227.35 | (41.8 %) |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.34 | 0.20 | (41.8 %) |
The profit decline came as 9M revenue fell 17.8% year-on-year (YoY), mainly due to higher revenue in first half of 2020, which was unseasonably high due to the effect of pantry-buying in response to the COVID-19 pandemic, bulk buying in anticipation of VAT change as of July 1, and restrictions on international travel.
Current Quarter Comparison (M)
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 1,082.48 | 1,077.81 | (0.4 %) |
| Gross Income | 356.27 | 397.30 | 11.5 % |
| Operating Income | 84.11 | 93.25 | 10.9 % |
| Net Income | 78.65 | 70.24 | (10.7 %) |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.07 | 0.06 | (10.7 %) |
In Q3 2021, net profit after Zakat and tax decreased by 11% to SAR 70.2 million from SAR 78.7 million a year earlier, hit by
When compared to the previous quarter, Q3 net profit saw a decline of 26% to SAR 95 million.
Shareholders’ equity, after minority interest, fell 6% to SAR 1.397 billion as of Sept. 30, 2021, from SAR 1.486 billion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2021 | 32.72 % | 19.74 % | 7.31 % |
| Q2 2021 | 33.49 % | 17.41 % | 5.98 % |
| Q3 2021 | 34.45 % | 17.62 % | 6.05 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2021 | 32.48 | 35.00 | 9.06 |
| Q2 2021 | 43.20 | 47.69 | 8.62 |
| Q3 2021 | 43.19 | 45.81 | 8.80 |
Business Segments (Million)
Q3 2021
| Period | Danube markets | Bin Dawood Markets |
|---|---|---|
| Q3 2021 | 807.60 | 270.20 |
Analysts Estimates (Million)
| Item | Q3 2021 (e) | Q3 2021 (a) | Change |
|---|---|---|---|
| Average | 93.13 | 70.24 | (24.6 %) |
Estimates vs Actual (Million)
| Item | Q3 2021 (e) | Q3 2021 (a) | Change |
|---|---|---|---|
| AlJazira Capital | 90.40 | 70.24 | (22.3) % |
| Al Rajhi Capital | 91.00 | 70.24 | (22.8) % |
| SNB Capital | 98.00 | 70.24 | (28.3) % |
| Current | |
| Market Cap (M Riyal) | 7,886.70 |
| Enterprise Value (EV) (M) | 7,455.99 |
| 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) | 27.53 |
| P/E (TTM) | 27.53 |
| Price/book | 5.48 |
| Return on Average Assets (%) (TTM) | 5.6 |
| Return on Average Equity (%) (TTM) | 20.2 |
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