BinDawood Holding profit jumps 6% to SAR 165.6M in 9M 2024; Q3 at SAR 33.3M

BinDawood Holding profit jumps 6% to SAR 165.6M in 9M 2024; Q3 at SAR 33.3M

07/11/2024 Argaam Exclusive

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BinDawood Holding Co. reported a net profit SAR 165.6 million in the first nine months of 2024, a rise of 6% from SAR 155.7 million in the year-earlier period.


Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 4,151.53 4,252.10 2.4 %
Gross Income 1,289.53 1,380.98 7.1 %
Operating Income 225.12 234.08 4.0 %
Net Income 155.70 165.60 6.4 %
Average Shares 1,143.00 1,143.00 -
EPS (Riyals) 0.14 0.14 6.4 %

The nine-month revenue rose by 2.4% year-on-year (YoY) to SAR 4.25 billion. The company reported a higher market share among point-of-sale (POS) customers. This growth was driven by a successful loyalty program, data-driven strategies, and an optimized product mix.

 

BinDawood stores reported SAR 1.28 billion in sales, slightly down on the closure of two stores, despite achieving a 3.5% rise, excluding those closures. Danube stores saw a 1.8% YoY rise in sales to SAR 2.6 billion, with 9.1% growth from POS customers due to strong performance from existing and new stores.

 

The recent acquisition of Jumeirah Trading Co. (JTC) boosted overall revenue, which along with Future Tech Retail (FTR) saw a 37% revenue increase, driven by International Applications Company and Ykone’s growth in the Middle East.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 1,358.76 1,361.33 0.2 %
Gross Income 420.86 449.51 6.8 %
Operating Income 53.88 53.61 (0.5 %)
Net Income 34.91 33.29 (4.6 %)
Average Shares 1,143.00 1,143.00 -
EPS (Riyals) 0.03 0.03 (4.6 %)

The third-quarter net earnings declined 5% to SAR 33.3 million, from SAR 34.9 million as revenue remained almost unchanged at SAR 1.36 billion, compared to SAR 1.35 billion in Q3 2023. The company maintained sales at the same level and recorded a better market share from POS customers. Gross profit leapt 31% YoY to SAR 449.5 million.
The company’s net income dropped 54.2% from SAR 72.6 million in Q2 2024 on a 4% sequential decline in revenue.
 

Total shareholders’ equity, after minority interest, reached SAR 1.44 billion as of Sept. 30, 2024, compared to SAR 1.38 billion in the corresponding period of 2023.

 

Attached Document:

 

 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 1,120.48 - 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 -
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 %)
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 %)
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 %)
Q4 2022 1,318.34 24.7 % 368.09 36.9 % 38.02 235.8 %
Q1 2023 1,381.16 17.5 % 416.63 8.6 % 74.50 5.1 %
Q2 2023 1,411.60 15.6 % 452.05 19.5 % 96.74 53.9 %
Q3 2023 1,358.76 14.9 % 420.86 37.0 % 53.88 283.4 %
Q4 2023 1,451.40 10.1 % 520.25 41.3 % 129.39 240.3 %
Q1 2024 1,472.92 6.6 % 451.04 8.3 % 81.58 9.5 %
Q2 2024 1,417.84 0.4 % 480.43 6.3 % 98.89 2.2 %
Q3 2024 1,361.33 0.2 % 449.51 6.8 % 53.61 (0.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 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
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
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)
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)
Q4 2022 59.13 347.4 % 0.05 40.05 19.07 0.02
Q1 2023 51.49 (21.3 %) 0.05 - 51.49 0.05
Q2 2023 69.30 63.7 % 0.06 (9.00) 78.30 0.07
Q3 2023 34.91 172.3 % 0.03 - 34.91 0.03
Q4 2023 120.84 104.4 % 0.11 - 120.84 0.11
Q1 2024 59.66 15.9 % 0.05 - 59.66 0.05
Q2 2024 72.65 4.8 % 0.06 - 72.65 0.06
Q3 2024 33.29 (4.6 %) 0.03 - 33.29 0.03

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 33.95 % 9.42 % 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 %
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 %
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 %
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 %
Q1 2024 32.38 % 14.61 % 5.16 %
Q2 2024 32.85 % 14.49 % 5.05 %
Q3 2024 33.33 % 14.51 % 5.02 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2023 1,143.00 0.19 0.16 1.22
Q4 2023 1,143.00 0.24 0.25 1.22
Q1 2024 1,143.00 0.25 0.26 1.27
Q2 2024 1,143.00 0.25 0.25 1.22
Q3 2024 1,143.00 0.25 0.25 1.26

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2023 32.78 38.31 5.07
Q4 2023 25.59 24.78 5.06
Q1 2024 35.41 34.32 6.92
Q2 2024 29.32 29.32 6.03
Q3 2024 31.13 31.13 6.19

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 870.50 465.80 75.30
Q3 2023 867.20 414.60 77.00
Q4 2023 925.59 396.97 128.84
Q1 2024 934.90 484.00 54.02
Q2 2024 884.40 450.10 83.34
Q3 2024 844.40 361.90 155.00

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 43.37 33.29 (23.3 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Al Rajhi Capital 36.00 33.29 (7.5) %
Sico 36.90 33.29 (9.8) %
U-Capital 37.50 33.29 (11.2) %
AlJazira Capital 38.70 33.29 (14.0) %
SNB Capital 38.80 33.29 (14.2) %
Goldman Sachs 45.72 33.29 (27.2) %
Riyad Capital 70.00 33.29 (52.4) %

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

Share Price

6.84
0.07 1.03 %

BinDawood Holding Co. (BINDAWOOD)


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