BinDawood Holding profit soars to SAR 275.1M in 2023; Q4 at SAR 119.4M
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BinDawood Holding Co. reported a net profit of SAR 275.1 million for 2023, more than double from SAR 124.7 million in the previous year.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 4,897.03 | 5,602.93 | 14.4 % |
| Gross Income | 1,437.07 | 1,809.79 | 25.9 % |
| Operating Income | 142.39 | 354.51 | 149.0 % |
| Net Income | 118.66 | 276.53 | 133.1 % |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.10 | 0.24 | 133.1 % |
Revenue grew 14.4% year-on-year (YoY) to SAR 5.6 billion, driven by exceptional sales from BinDawood and Danube stores. The full-year impact of subsidiaries acquired in July 2022 also contributed to the revenue rise.
Gross profit margin improved to 32.3% from 29.3% in 2022 and gross profit increased to SAR 1.8 billion in 2023 from SAR 1.43 billion, backed by enhanced customer engagement, better product mix, strategic supplier negotiations, cost management, and a focus on quality output.
Meanwhile, operating expenses (OpEx) rose to SAR 1.46 billion in 2023 from SAR 1.29 billion a year ago. As a percentage of revenue, OpEx reduced to 26.1% in 2023 from 26.4% in 2022 despite cost incurred to enhance the dark store mechanism, full period impact of new stores, amortization of intangible assets incurred, full-period operating cost impact of operating subsidiaries under Future Retail for Information Technology acquired in 2022, and, merger and acquisitions related consultancy services.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,318.34 | 1,451.40 | 10.1 % |
| Gross Income | 368.09 | 520.25 | 41.3 % |
| Operating Income | 38.02 | 129.39 | 240.3 % |
| Net Income | 59.13 | 120.84 | 104.4 % |
| Average Shares | 1,143.00 | 1,143.00 | - |
| EPS (Riyals) | 0.05 | 0.11 | 104.4 % |
The fourth-quarter net profit jumped 83.1% YoY to SAR 119.4 million.
The company’s three-month earnings spiked from SAR 34.91 million in Q3 2023.
Shareholders’ equity, after minority interest, amounted to SAR 1.39 billion at the end of 2023, from SAR 1.35 billion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2023 | 1,381.16 | 17.5 % | 416.63 | 8.6 % | 51.49 | (21.3 %) | 0.05 |
| Q2 2023 | 1,411.60 | 15.6 % | 452.05 | 19.5 % | 69.30 | 63.7 % | 0.06 |
| Q3 2023 | 1,358.76 | 14.9 % | 420.86 | 37.0 % | 34.91 | 172.3 % | 0.03 |
| Q4 2023 | 1,451.40 | 10.1 % | 520.25 | 41.3 % | 120.84 | 104.4 % | 0.11 |
| 2023 | 5,602.93 | 14.4 % | 1,809.79 | 25.9 % | 276.53 | 133.1 % | 0.24 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 28.81 % | 11.56 % | 1.27 % |
| Q2 2023 | 29.17 % | 12.05 % | 1.90 % |
| Q3 2023 | 30.30 % | 13.28 % | 3.36 % |
| Q4 2023 | 32.30 % | 14.61 % | 5.10 % |
| 2023 | 32.30 % | 14.61 % | 5.10 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 1,143.00 | 0.09 | 0.06 | 1.23 |
| Q2 2023 | 1,143.00 | 0.12 | 0.09 | 1.19 |
| Q3 2023 | 1,143.00 | 0.19 | 0.16 | 1.22 |
| Q4 2023 | 1,143.00 | 0.24 | 0.25 | 1.22 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 71.95 | More than 100 | 5.37 |
| Q2 2023 | 64.51 | 84.42 | 6.23 |
| Q3 2023 | 32.78 | 38.31 | 5.07 |
| Q4 2023 | 25.59 | 24.78 | 5.06 |
Business Segments (Million)
Q4 2023
| Period | Danube markets | Bin Dawood Markets | Others |
|---|---|---|---|
| Q1 2023 | 873.10 | 446.30 | 61.76 |
| Q2 2023 | 858.41 | 475.31 | 77.88 |
| Q3 2023 | 883.20 | 421.22 | 54.35 |
| Q4 2023 | 925.59 | 396.97 | 128.84 |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 56.46 | 120.84 | 114.01 % |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 85.00 | 120.84 | 42.2 % |
| SNB Capital | 77.60 | 120.84 | 55.7 % |
| AlJazira Capital | 61.50 | 120.84 | 96.5 % |
| OSOOL AND BAKHEET | 61.23 | 120.84 | 97.3 % |
| Riyad Capital | 44.00 | 120.84 | 174.6 % |
| Sico | 42.00 | 120.84 | 187.7 % |
| U-Capital | 23.90 | 120.84 | 405.6 % |
| Current | |
| Market Cap (M Riyal) | 8,481.06 |
| Enterprise Value (EV) (M) | 7,758.86 |
| Shares Outstanding ((M)) | 1,143.00 |
| EPS ( Riyal) (TTM) | 0.25 |
| Book Value (BV) ( Riyal) | 1.27 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 28.88 |
| P/E (TTM) | 29.79 |
| Price/book | 5.82 |
| Return on Average Assets (%) (TTM) | 5.4 |
| Return on Average Equity (%) (TTM) | 19.9 |
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