BinDawood Holding H1 2023 profit up 12% to SAR 120.8 mln; Q2 at SAR 69.3 mln

14/08/2023 Argaam Exclusive

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BinDawood Holding Co. reported a 12% rise in H1 2023 net profit to SAR 120.8 million from SAR 107.8 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	2,396.15	2,792.76	16.6 %
Gross Income	761.82	868.68	14.0 %
Operating Income	133.75	171.24	28.0 %
Net Income	107.79	120.79	12.1 %
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.09	0.11	12.1 %

The first-half revenue rose by 16.6% year-on-year (YoY) to SAR 2.79 billion. The growth is backed by BinDawood and Danube stores. BinDawood stores recognized sales of SAR 912.1 million in H1 2023, compared to SAR 779.8 million in H1 2022, a jump of 17%. This came on the back of a sharp increase in the number of foreign pilgrims for Hajj and during Ramadan, which resulted in enhanced performance of the company’s Makkah and Madinah stores.

Danube stores posted sales of SAR 1.74 billion in H1 2023, compared to SAR 1.61 billion in the prior-year period. Continuous marketing campaigns and good pre-Ramadan season were the catalysts for this growth. In addition, the loyalty program played a positive role in enhancing growth under both brands.

Gross profit rose to SAR 868.7 million, or 31.1% of sales in H1 2023, sending the gross profit margin higher.

The increase in net profit reflects the cumulative impact of the rise in sales and gross profit, which was partly offset by higher operating expenses (OpEx).

In Q2 2023, net profit jumped 64% to SAR 69.3 million from SAR 42.3 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	1,220.91	1,411.60	15.6 %
Gross Income	378.15	452.05	19.5 %
Operating Income	62.86	96.74	53.9 %
Net Income	42.34	69.30	63.7 %
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.04	0.06	63.7 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	1,381.16	1,411.60	2.2 %
Gross Income	416.63	452.05	8.5 %
Operating Income	74.50	96.74	29.9 %
Net Income	51.49	69.30	34.6 %
Average Shares	1,143.00	1,143.00	-
EPS (Riyals)	0.05	0.06	34.6 %

The three-month revenue jumped 15.6% YoY, buoyed by a strong Hajj season and marketing campaigns across both brands, as well as the market intelligence gathered from the loyalty program. The gross profit rose to SAR 452 million from SAR 378.1 million in Q2 2022. By contrast, OpEx increased to SAR 364.3 million from SAR 315.3 million in Q2 2022 as the company opened a new store in Jeddah and expanded the total space of another one in Taiba, Madinah.

The second-quarter net earnings increased by 34.6% from SAR 51.49 million in Q1 2023, thanks to 2.2% growth in revenue on a sequential basis.

Shareholders’ equity, after minority interest, declined to SAR 1.36 billion as of June 30, 2023, from SAR 1.44 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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	-	481.00	-	0.42
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	4,766.28	5.5 %	1,003.62	3.0 %	414.34	(13.9 %)	0.36
Q1 2018	-	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-	-
2018	4,554.15	(4.5 %)	1,552.85	54.7 %	397.84	(4.0 %)	0.35
Q1 2019	1,120.48	-	357.53	-	69.15	-	0.06
Q2 2019	1,306.61	-	417.88	-	101.64	-	0.09
Q3 2019	1,196.41	-	447.28	-	124.47	-	0.11
Q4 2019	1,220.27	-	421.83	-	123.87	-	0.11
2019	4,843.77	6.4 %	1,644.53	5.9 %	419.14	5.4 %	0.37
Q1 2020	1,413.21	26.1 %	452.45	26.5 %	126.26	82.6 %	0.11
Q2 2020	1,547.59	18.4 %	504.12	20.6 %	185.42	82.4 %	0.16
Q3 2020	1,082.48	(9.5 %)	356.27	(20.3 %)	78.65	(36.8 %)	0.07
Q4 2020	1,113.19	(8.8 %)	359.05	(14.9 %)	57.39	(53.7 %)	0.05
2020	5,156.47	6.5 %	1,671.89	1.7 %	447.72	6.8 %	0.39
Q1 2021	1,124.42	(20.4 %)	373.36	(17.5 %)	62.12	(50.8 %)	0.05
Q2 2021	1,122.82	(27.4 %)	399.40	(20.8 %)	94.99	(48.8 %)	0.08
Q3 2021	1,077.81	(0.4 %)	397.30	11.5 %	70.24	(10.7 %)	0.06
Q4 2021	1,057.12	(5.0 %)	268.86	(25.1 %)	13.22	(77.0 %)	0.01
2021	4,382.17	(15.0 %)	1,438.92	(13.9 %)	240.56	(46.3 %)	0.21
Q1 2022	1,175.24	4.5 %	383.67	2.8 %	65.46	5.4 %	0.06
Q2 2022	1,220.91	8.7 %	378.15	(5.3 %)	42.34	(55.4 %)	0.04
Q3 2022	1,182.55	9.7 %	307.17	(22.7 %)	(48.26)	(168.7 %)	(0.04)
Q4 2022	1,318.34	24.7 %	368.09	36.9 %	59.13	347.4 %	0.05
2022	4,897.03	11.7 %	1,437.07	(0.1 %)	118.66	(50.7 %)	0.10
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	-	-	-	-	-	-	-
2014	-	-	-	-	-	-	-
2015	-	-	-	-	-	-	-
2016	4,518.08	-	974.22	-	481.00	-	0.42
2017	4,766.28	5.5 %	1,003.62	3.0 %	414.34	(13.9 %)	0.36
2018	4,554.15	(4.5 %)	1,552.85	54.7 %	397.84	(4.0 %)	0.35
2019	4,843.77	6.4 %	1,644.53	5.9 %	419.14	5.4 %	0.37
2020	5,156.47	6.5 %	1,671.89	1.7 %	447.72	6.8 %	0.39
2021	4,382.17	(15.0 %)	1,438.92	(13.9 %)	240.56	(46.3 %)	0.21
2022	4,897.03	11.7 %	1,437.07	(0.1 %)	118.66	(50.7 %)	0.10

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2022	28.86 %	10.99 %	(0.12 %)
Q4 2022	29.35 %	11.88 %	1.25 %
2022	29.35 %	11.88 %	1.25 %
Q1 2023	28.81 %	11.56 %	1.27 %
Q2 2023	29.17 %	12.05 %	1.90 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	29.35 %	11.88 %	1.25 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q3 2022	25.98 %	6.95 %	(4.08 %)
Q4 2022	27.92 %	11.44 %	1.45 %
Q1 2023	30.17 %	13.52 %	3.73 %
Q2 2023	32.02 %	15.45 %	5.55 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q3 2022	1,143.00	0.06	0.00	1.13
Q4 2022	1,143.00	0.10	0.05	1.19
Q1 2023	1,143.00	0.09	0.06	1.23
Q2 2023	1,143.00	0.12	0.09	1.19

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	1,143.00	0.10	0.05	1.19

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q3 2022	More than 100	NEG	6.04
Q4 2022	46.62	90.02	4.08
Q1 2023	71.95	More than 100	5.37
Q2 2023	64.51	84.42	6.23

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	30.38	32.38	10.36
2021	45.52	62.27	7.76
2022	46.62	90.02	4.08

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
Q3 2022	770.00	374.50	38.05
Q4 2022	868.96	374.30	75.07
Q1 2023	873.10	446.30	61.76
Q2 2023	858.41	475.31	77.88

Period	Danube markets	Bin Dawood Markets	Others
2020	3,656.00	1,501.00	-
2021	3,173.00	1,209.20	-
2022	3,243.70	1,536.50	116.83

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	56.83	69.30	21.93 %

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
SNB Capital	61.50	69.30	12.7 %
U-Capital	86.60	69.30	(20.0) %
Riyad Capital	57.00	69.30	21.6 %
Al Rajhi Capital	53.00	69.30	30.7 %
AlJazira Capital	48.60	69.30	42.6 %
Goldman Sachs	34.29	69.30	102.1 %

Financial Ratios

	Current
Market Cap (M Riyal)	8,401.05
Enterprise Value (EV) (M)	7,678.85
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)	28.60
P/E (TTM)	29.51
Price/book	5.77
Return on Average Assets (%) (TTM)	5.4
Return on Average Equity (%) (TTM)	19.9

BinDawood Holding Co. (BINDAWOOD)

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BinDawood Holding H1 2023 profit up 12% to SAR 120.8 mln; Q2 at SAR 69.3 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (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) 2023 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 2023 profit up 12% to SAR 120.8 mln; Q2 at SAR 69.3 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 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)