BinDawood Holding H1 2022 profit down 31% to SAR 107.8 mln, Q2 at SAR 42.3 mln

24/08/2022 Argaam Exclusive

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BinDawood Holding Co. reported a net profit after Zakat and tax of SAR 107.8 million for H1 2022, a drop of 31% from SAR 157.1 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	2,247.24	2,396.15	6.6 %
Gross Income	772.76	761.82	(1.4 %)
Operating Income	199.72	133.75	(33.0 %)
Net Income	157.10	107.79	(31.4 %)
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.14	0.09	(31.4 %)

Gross profit declined by SAR 11 million year-on-year (YoY), due to the impact of marketing campaigns and loyalty program activities.

Operating expenses (OPEX) increased to SAR 628.1 million in H1 2022, from SAR 573 million in H1 2021. The increase is directly related to the fixed and variable cost element of higher OPEX, due to the opening of new stores and the costs related to the acquisition of IATC and Ykone by Future Retail for Information Technology Co. (FTR). The company also recorded an increase in general and administrative salaries to attract and retain the best human talent.

On the other hand, revenue grew 6.6% YoY to SAR 2.396 billion in H1 2022, compared to SAR 2.247.2 billion a year earlier.

Sales in the six-month period were mainly driven by BinDawood stores, as well as the holy month of Ramadan and back-to-school seasons.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	1,122.82	1,220.91	8.7 %
Gross Income	399.40	378.15	(5.3 %)
Operating Income	115.01	62.86	(45.3 %)
Net Income	94.99	42.34	(55.4 %)
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.08	0.04	(55.4 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	1,175.24	1,220.91	3.9 %
Gross Income	383.67	378.15	(1.4 %)
Operating Income	70.89	62.86	(11.3 %)
Net Income	65.46	42.34	(35.3 %)
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.06	0.04	(35.3 %)

In Q2 2022, the company’s net profit after Zakat and tax dipped 55% to SAR 42.3 million, from SAR 94.9 million in Q2 2021 on lower gross profit margins. Gross profit declined by 5.3% YoY. OPEX increased to SAR 315.3 million, from SAR 284.4 million in Q2 2021.

The second-quarter drop came despite an 8.7% rise in revenue.

The Saudi grocer’s net profit dropped 35.3% from SAR 65.46 million in Q1 2022 on higher OPEX and lower gross profit margins.

Total shareholders’ equity, after minority interest, decreased to SAR 1.444 billion by the end of the six-month period, from SAR 1.470 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	4,518.08	-	974.22	-	56.95	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	4,766.28	5.5 %	1,003.62	3.0 %	(142.91)	(350.9 %)
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	4,554.15	(4.5 %)	1,552.85	54.7 %	378.65	365.0 %
Q1 2019	1,120.48	-	357.53	-	91.33	-
Q2 2019	1,306.61	-	417.88	-	123.28	-
Q3 2019	1,196.41	-	447.28	-	146.83	-
Q4 2019	1,220.27	-	421.83	-	145.42	-
2019	4,843.77	6.4 %	1,644.53	5.9 %	506.87	33.9 %
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 %)
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 %
Q4 2021	1,057.12	(5.0 %)	268.86	(25.1 %)	(28.00)	(145.0 %)
2021	4,382.17	(15.0 %)	1,438.92	(13.9 %)	264.96	(47.6 %)
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	4,518.08	-	974.22	-	56.95	-
2017	4,766.28	5.5 %	1,003.62	3.0 %	(142.91)	(350.9 %)
2018	4,554.15	(4.5 %)	1,552.85	54.7 %	378.65	365.0 %
2019	4,843.77	6.4 %	1,644.53	5.9 %	506.87	33.9 %
2020	5,156.47	6.5 %	1,671.89	1.7 %	505.34	(0.3 %)
2021	4,382.17	(15.0 %)	1,438.92	(13.9 %)	264.96	(47.6 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	481.00	-	0.42	-	481.00	0.42
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	414.34	(13.9 %)	0.36	-	414.34	0.36
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	397.84	(4.0 %)	0.35	-	397.84	0.35
Q1 2019	69.15	-	0.06	-	69.15	0.06
Q2 2019	101.64	-	0.09	-	101.64	0.09
Q3 2019	124.47	-	0.11	-	124.47	0.11
Q4 2019	123.87	-	0.11	-	123.87	0.11
2019	419.14	5.4 %	0.37	-	419.14	0.37
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
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
Q4 2021	13.22	(77.0 %)	0.01	61.16	(47.94)	(0.04)
2021	240.56	(46.3 %)	0.21	64.72	175.84	0.15
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	481.00	-	0.42	-	481.00	0.42
2017	414.34	(13.9 %)	0.36	-	414.34	0.36
2018	397.84	(4.0 %)	0.35	-	397.84	0.35
2019	419.14	5.4 %	0.37	-	419.14	0.37
2020	447.72	6.8 %	0.39	27.60	420.12	0.37
2021	240.56	(46.3 %)	0.21	64.72	175.84	0.15

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	21.56 %	3.69 %	10.65 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	21.06 %	0.13 %	8.69 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	34.10 %	11.73 %	8.74 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	33.95 %	9.42 %	8.65 %
2019	33.95 %	13.77 %	8.65 %
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 %
Q1 2021	32.72 %	19.74 %	7.31 %
Q2 2021	33.49 %	17.41 %	5.98 %
Q3 2021	34.45 %	17.62 %	6.05 %
Q4 2021	32.84 %	15.65 %	4.01 %
2021	32.84 %	15.65 %	4.01 %
Q1 2022	32.69 %	15.10 %	3.66 %
Q2 2022	31.52 %	13.85 %	2.41 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	21.56 %	3.69 %	10.65 %
2017	21.06 %	0.13 %	8.69 %
2018	34.10 %	11.73 %	8.74 %
2019	33.95 %	13.77 %	8.65 %
2020	32.42 %	18.23 %	8.15 %
2021	32.84 %	15.65 %	4.01 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	31.91 %	-	6.17 %
Q2 2019	31.98 %	-	7.78 %
Q3 2019	37.39 %	21.04 %	10.40 %
Q4 2019	34.57 %	(0.81 %)	10.15 %
Q1 2020	32.02 %	12.32 %	8.93 %
Q2 2020	32.57 %	25.82 %	11.98 %
Q3 2020	32.91 %	17.72 %	5.89 %
Q4 2020	32.25 %	15.69 %	4.02 %
Q1 2021	33.20 %	17.32 %	5.52 %
Q2 2021	35.57 %	18.90 %	8.46 %
Q3 2021	36.86 %	18.57 %	6.19 %
Q4 2021	25.43 %	7.45 %	(4.53 %)
Q1 2022	32.65 %	15.19 %	4.11 %
Q2 2022	30.97 %	13.94 %	3.47 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	1,143.00	-	-	-
Q2 2019	1,143.00	-	-	0.86
Q3 2019	1,143.00	-	-	0.97
Q4 2019	1,143.00	0.37	0.37	1.04
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
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
Q4 2021	1,143.00	0.21	0.15	1.23
Q1 2022	1,143.00	0.21	0.14	1.23
Q2 2022	1,143.00	0.17	0.10	1.26

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	1,143.00	0.42	0.42	0.68
2017	1,143.00	0.36	0.36	0.72
2018	1,143.00	0.35	0.35	0.89
2019	1,143.00	0.37	0.37	1.04
2020	1,143.00	0.39	0.37	1.15
2021	1,143.00	0.21	0.15	1.23

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	30.38	32.38	10.36
Q1 2021	32.48	35.00	9.06
Q2 2021	43.20	47.69	8.62
Q3 2021	43.19	45.81	8.80
Q4 2021	45.52	62.27	7.76
Q1 2022	44.85	67.51	7.80
Q2 2022	53.79	94.05	7.12

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	30.38	32.38	10.36
2021	45.52	62.27	7.76

Business Segments (Million)

Compared With The

Period	Danube markets	Bin Dawood Markets	Others
Q3 2021	807.60	270.20	-
Q4 2021	752.30	304.80	-
Q1 2022	813.70	361.08	0.46
Q2 2022	791.04	426.62	3.26

Period	Danube markets	Bin Dawood Markets	Others
2020	3,656.00	1,501.00	-
2021	3,173.00	1,209.20	-

Analysts Estimates (Million)

Item	Q2 2022 (e)	Q2 2022 (a)	Change‬
Average	89.60	42.34	(52.8 %)

Estimates vs Actual (Million)

Item	Q2 2022 (e)	Q2 2022 (a)	Change
Al Rajhi Capital	78.00	42.34	(45.7) %
Riyad Capital	78.00	42.34	(45.7) %
Sico	80.00	42.34	(47.1) %
SNB Capital	82.00	42.34	(48.4) %
OSOOL AND BAKHEET	92.70	42.34	(54.3) %
AlJazira Capital	97.80	42.34	(56.7) %
U-Capital	118.70	42.34	(64.3) %

Financial Ratios

	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

BinDawood Holding Co. (BINDAWOOD)

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BinDawood Holding H1 2022 profit down 31% to SAR 107.8 mln, Q2 at SAR 42.3 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

BinDawood Holding Co. (BINDAWOOD)

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BinDawood Holding H1 2022 profit down 31% to SAR 107.8 mln, Q2 at SAR 42.3 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

BinDawood Holding Co. (BINDAWOOD)

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Business Segments (Million)