BinDawood Holding 9M 2022 profit tumbles 74% to SAR 59.8 mln, Q3 loss at SAR 48 mln
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BinDawood Holding Co. reported a 74% fall in net profit after Zakat and tax to SAR 59.8 million in the first nine months of 2022, from SAR 227.4 million in the year-earlier period.
Financials (M)
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 3,325.05 | 3,578.69 | 7.6 % |
| Gross Income | 1,170.06 | 1,068.99 | (8.6 %) |
| Operating Income | 292.97 | 104.37 | (64.4 %) |
| Net Income | 227.35 | 59.53 | (73.8 %) |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.20 | 0.05 | (73.8 %) |
Gross profit amounted to SAR 1.069 billion in 9M 2022, down from SAR 1.170 billion in the same period last year. Operating expenses (OPEX) increased to SAR 964.6 million, from SAR 877.1 million in 9M 2021.
This came despite a rise of 7.6% in revenue to SAR 3.578 billion, from SAR 3.325 billion for the same period last year. The increase in sales revenues was mainly driven by BinDawood stores’ sales, which were 27.6% higher year-on-year (YoY) in the first nine months of 2022.
The return of the pilgrims, spurred by the lifting of the travel ban and the return of promotions and marketing activities during Hajj, Umrah and Back-to-School seasons helped lift sales across all BinDawood stores. Danube sales were slower mainly due to a slowdown in sales related to corporate customers.
Current Quarter Comparison (M)
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 1,077.81 | 1,182.55 | 9.7 % |
| Gross Income | 397.30 | 307.17 | (22.7 %) |
| Operating Income | 93.25 | (29.38) | (131.5 %) |
| Net Income | 70.24 | (48.26) | (168.7 %) |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.06 | (0.04) | (168.7 %) |
In Q3 2022, the company swung to a net loss after Zakat and tax of SAR 48 million, against a net profit of SAR 70.24 million in Q3 2021.
Gross profit fell to SAR 307.2 million, compared to SAR 397.3 million in Q3 2021. OPEX increased to SAR 336.5 million, from SAR 304.1 million in the prior-year period.
The third-quarter losses reflect the cumulative impact of lower gross margin and higher operating expenses.
The grocery retailer turned to losses from a net profit of SAR 42.34 million in Q2 2022, as revenue decreased by 3.1% on a sequential basis.
BinDawood Holding also reported lower gross profit and a 6.7% increase in OPEX to SAR 336.5 million.
Total shareholders’ equity, no minority interest, decreased to SAR 1.286 billion as of Sept. 30, 2022, from SAR 1.397 billion a year earlier.
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 %) |
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) |
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 %) |
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 |
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 |
Business Segments (Million)
Q3 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 |
Analysts Estimates (Million)
| Item | Q3 2022 (e) | Q3 2022 (a) | Change |
|---|---|---|---|
| Average | 51.83 | (48.26) | (193.1 %) |
Estimates vs Actual (Million)
| Item | Q3 2022 (e) | Q3 2022 (a) | Change |
|---|---|---|---|
| U-Capital | 84.20 | (48.26) | (157.3) % |
| Al Rajhi Capital | 61.00 | (48.26) | (179.1) % |
| SNB Capital | 60.90 | (48.26) | (179.3) % |
| AlJazira Capital | 54.80 | (48.26) | (188.1) % |
| Arqaam Capital | 51.00 | (48.26) | (194.6) % |
| Sico | 43.00 | (48.26) | (212.2) % |
| Riyad Capital | 38.00 | (48.26) | (227.0) % |
| Goldman Sachs | 21.72 | (48.26) | (322.2) % |
| 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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