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BinDawood Holding 2022 profit drops 51% to SAR 118.7 mln; Q4 at SAR 59.1 mln
BinDawood Holding Co. reported a net profit of SAR 118.7 million after minority interest for 2022, a 51% slump from SAR 240.6 million in the previous year.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 4,382.17 | 4,897.03 | 11.7 % |
| Gross Income | 1,438.92 | 1,437.07 | (0.1 %) |
| Operating Income | 264.96 | 142.39 | (46.3 %) |
| Net Income | 240.56 | 118.66 | (50.7 %) |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.21 | 0.10 | (50.7 %) |
Revenue reached SAR 4.89 million in 2022, compared with SAR 4.38 million in 2021, due to the gradual return of pilgrims and the resumption of customer engagement activities during Hajj, Umrah and different festivals during the year. Non-retail segment also contributed to the overall sales with revenue of SAR 117 million.
The full-year profit decline was primarily due to higher inflation costs that were partially absorbed by the company to remain competitive and increase customer footfall. However, the successful implementation of the loyalty program enabled the firm to enhance its product offerings.
Operating expenses increased to SAR 1.29 billion in 2022, compared with SAR 1.17 billion in 2021. This can be attributed to expenses on new store openings, investments made in technology and human capital as well as cost of acquisitions made during the year. However, this impact was partially mitigated by the positive impact of employees-related expenses reduction.
The fourth-quarter net profit soared to SAR 59.1 million from SAR 13.2 million a year before.
Compared to Q3 2022, the company turned profitable from a loss of SAR 48.26 million.
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 1,057.12 | 1,318.34 | 24.7 % |
| Gross Income | 268.86 | 368.09 | 36.9 % |
| Operating Income | (28.00) | 38.02 | 235.8 % |
| Net Income | 13.22 | 59.13 | 347.4 % |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.01 | 0.05 | 347.4 % |
Shareholders’ equity, after minority interest, amounted to SAR 1.34 billion at the end of 2022, from SAR 1.41 billion a year earlier.
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Share Price
BinDawood Holding Co. (BINDAWOOD)
| Current | |
| Market Cap (M Riyal) | 7,543.80 |
| Enterprise Value (EV) (M) | 7,113.09 |
| 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) | 26.34 |
| P/E (TTM) | 26.34 |
| Price/book | 5.24 |
| 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 2022 | 1,175.24 | 4.5 % | 383.67 | 2.8 % | 70.89 | (16.3 %) |
| Q2 2022 | 1,220.91 | 8.7 % | 378.15 | (5.3 %) | 62.86 | (45.3 %) |
| Q3 2022 | 1,182.55 | 9.7 % | 307.17 | (22.7 %) | (29.38) | (131.5 %) |
| Q4 2022 | 1,318.34 | 24.7 % | 368.09 | 36.9 % | 38.02 | 235.8 % |
| 2022 | 4,897.03 | 11.7 % | 1,437.07 | (0.1 %) | 142.39 | (46.3 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 65.46 | 5.4 % | 0.06 | 17.15 | 48.31 | 0.04 |
| Q2 2022 | 42.34 | (55.4 %) | 0.04 | - | 42.34 | 0.04 |
| Q3 2022 | (48.26) | (168.7 %) | (0.04) | - | (48.26) | (0.04) |
| Q4 2022 | 59.13 | 347.4 % | 0.05 | 40.05 | 19.07 | 0.02 |
| 2022 | 118.66 | (50.7 %) | 0.10 | 57.20 | 61.46 | 0.05 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 32.69 % | 15.10 % | 3.66 % |
| Q2 2022 | 31.52 % | 13.85 % | 2.41 % |
| Q3 2022 | 28.86 % | 10.99 % | (0.12 %) |
| Q4 2022 | 29.35 % | 11.88 % | 1.25 % |
| 2022 | 29.35 % | 11.88 % | 1.25 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 1,143.00 | 0.21 | 0.14 | 1.23 |
| Q2 2022 | 1,143.00 | 0.17 | 0.10 | 1.26 |
| Q3 2022 | 1,143.00 | 0.06 | 0.00 | 1.13 |
| Q4 2022 | 1,143.00 | 0.10 | 0.05 | 1.19 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | 44.85 | 67.51 | 7.80 |
| Q2 2022 | 53.79 | 94.05 | 7.12 |
| Q3 2022 | More than 100 | NEG | 6.04 |
| Q4 2022 | 46.62 | 90.02 | 4.08 |
Business Segments (Million)
Q4 2022
| Period | Danube markets | Bin Dawood Markets | Others |
|---|---|---|---|
| Q1 2022 | 813.70 | 361.08 | 0.46 |
| Q2 2022 | 791.04 | 426.62 | 3.26 |
| Q3 2022 | 770.00 | 374.50 | 38.05 |
| Q4 2022 | 868.96 | 374.30 | 75.07 |
Analysts Estimates (Million)
| Item | Q4 2022 (e) | Q4 2022 (a) | Change |
|---|---|---|---|
| Average | 9.90 | 59.13 | 497.22 % |
Estimates vs Actual (Million)
| Item | Q4 2022 (e) | Q4 2022 (a) | Change |
|---|---|---|---|
| SNB Capital | 23.40 | 59.13 | 152.7 % |
| Al Rajhi Capital | 23.00 | 59.13 | 157.1 % |
| AlJazira Capital | 22.20 | 59.13 | 166.3 % |
| U-Capital | 12.70 | 59.13 | 365.6 % |
| Sico | 11.00 | 59.13 | 437.5 % |
| Goldman Sachs | (16.00) | 59.13 | 469.5 % |
| Riyad Capital | (7.00) | 59.13 | 944.6 % |
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