BinDawood 9M 2020 net profit rises 32% to SAR 390.3 mln
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BinDawood Holding Co. reported a net profit after Zakat and tax of SAR 390.3 million for the first nine months of 2020, up 32%, compared to SAR 295.3 million in the same period last year.
Financials (M)
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 3,623.50 | 4,043.29 | 11.6 % |
| Gross Income | 1,222.70 | 1,312.84 | 7.4 % |
| Operating Income | 361.44 | 443.05 | 22.6 % |
| Net Income | 295.26 | 390.33 | 32.2 % |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.26 | 0.34 | 32.2 % |
The company attributed the increase in net profit to 11.6% rise in revenues due to four new stores opening, in addition to a 7.4% increase in gross profit.
Danube performance helped offset a decline at BinDawood stores. Danube saw a 23.5% rise in sales to SAR 540.2 million in 9M 2020 as the company responded to a growing demand in premium food products.
Current Quarter Comparison (M)
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 1,196.41 | 1,082.48 | (9.5 %) |
| Gross Income | 447.28 | 356.27 | (20.3 %) |
| Operating Income | 146.83 | 84.11 | (42.7 %) |
| Net Income | 124.47 | 78.65 | (36.8 %) |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.11 | 0.07 | (36.8 %) |
In Q3 2020, the company reported a 37% year-on-year (YoY) decline in net profit after Zakat and tax of SAR 78.7 million, driven by a 9.5% decrease in revenue due to seasonality factors.
Meanwhile, operating expenses and depreciation remained within the same range.
On a quarterly basis, Q3 2020 net profit dropped 57.5% on higher revenues backed by rise in sales.
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 %) |
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 |
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 % |
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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2020 | - | - | - |
| Q2 2020 | - | - | - |
| Q3 2020 | - | - | - |
Business Segments (Million)
2020
| Period | Danube markets | Bin Dawood Markets |
|---|
| 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 |
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