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BinDawood Holding Co. announces its Interim Financial results for the Period Ending on 2024-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,417,839,299 | 1,411,603,967 | 0.441 | 1,472,923,721 | -3.739 |
| Gross Profit (Loss) | 480,428,766 | 452,049,786 | 6.277 | 451,039,499 | 6.515 |
| Operational Profit (Loss) | 101,688,196 | 89,675,069 | 13.396 | 83,393,008 | 21.938 |
| Net profit (Loss) | 75,043,712 | 65,826,920 | 14.001 | 60,546,652 | 23.943 |
| Total Comprehensive Income | 74,162,058 | 64,941,199 | 14.198 | 56,862,479 | 30.423 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 2,890,763,020 | 2,792,764,166 | 3.509 |
| Gross Profit (Loss) | 931,468,265 | 868,677,036 | 7.228 |
| Operational Profit (Loss) | 185,081,204 | 165,918,068 | 11.549 |
| Net profit (Loss) | 135,590,364 | 118,030,171 | 14.877 |
| Total Comprehensive Income | 131,024,537 | 120,812,250 | 8.453 |
| Total Shareholders Equity (after Deducting Minority Equity) | 1,400,116,738 | 1,364,085,717 | 2.641 |
| Profit (Loss) per Share | 0.12 | 0.11 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Revenue in Q2 2024 reached SAR 1,417.8 million, marking a 0.4% increase compared to SAR 1,411.6 million in Q2 2023. Despite the shifting of the Ramadan Season to Q1 in 2024 as compared to Q2 2023 and a decline in sales to corporate customers, the revenue in Q2 2024 showed a marginal increase, supported by improved product mix, increased engagement with customers, competitive offerings that prioritize a premium experience and enhanced performance by FTR’s subsidiaries. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Gross profit increased to SAR 480.4 million in Q2 2024, representing 33.9% of sales, up from SAR 452.0 million, or 32.0% of sales, in Q2 2023. The improvement in gross margin was due to a better mix of products and enhanced support from suppliers, and favorable rebates as compared to Q2 2023. Operating expenses rose to SAR 381.5 million in Q2 2024, compared to SAR 364.3 million in Q2 2023. The ratio of operating expenses to revenue increased from 25.8% in Q2 2023 to 26.9% in Q2 2024. This rise is attributed to increased investment in human capital and the expenses relating to new store launches. In Q2 2024, the Company's net profit rose by 14.0% to SAR 75.0 million, compared to SAR 65.8 million in Q2 2023, reflecting the cumulative impact of an increase in sales and gross margin which was partially offset by the increase in operating expenses. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenue for Q2 2024 declined by 3.7% compared to Q1 2024, driven by decreased sales at BinDawood Stores resulting from the shift in the Ramadan season, alongside a reduction in corporate sales. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Gross profit increased by 6.5% which is driven by an improved product assortment, increased supplier support, and favourable rebates, highlighting our dedication to maintaining margins as outlined, influenced by product variety and improved supplier collaboration. Operating expenses for Q2 2024 increased by 3.3% as compared to Q1 2024 mainly due to new store openings. Net profit of SAR 75.0 million indicates a significant increase by 23.9% in comparison with the previous quarter due to an increase in gross profit of SAR 29.4 million which is partially offset by an increase in operating expenses as explained above. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Revenue increased by 3.5% year-on-year to SAR 2,890.8 million in H1 2024, up from SAR 2,792.8 million in H1 2023. This growth is attributed to the continuing success of our loyalty programme, the emphasis on data-driven decisions, better product mix and enhancements to the shopping experience. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Gross profit for the first half of 2024 reached SAR 931.5 million, or 32.2% of sales, compared to SAR 868.7 million, representing 31.1% of sales, in the same period of 2023. This performance underscores our commitment to maintaining margins as previously guided, influenced by product mix and enhanced visibility on supplier support. Operating expenses reached SAR 751.0 million in H1 2024, compared to SAR 706.4 million in H1 2023. The ratio of operating expenses to sales increased marginally to 26.0% in H1 2024 from 25.3% in H1 2023. The marginal rise in operating expenses as a percentage of sales arises from increased investment in human capital, the inauguration of two new Danube stores and one BinDawood express store, and the cumulative impact of stores launched last year. The Company’s net profit surged by 14.9% to SAR 135.6 million in H1 2024, compared to SAR 118.0 million in H1 2023, representing a net profit margin of 4.7% as compared to 4.2% in the corresponding period of 2023. This cumulative impact of increase in sales and gross margin, the positive impact of which was partially offset by operating expenses. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | No comparative figures for the previous period have been reclassified. |
| Additional Information | General comments: The Company’s financial position continued to be strong with no bank debt. Cash generated from operations in H1 2024 was SAR 653.8 million versus SAR 604.5 million in H1 2023. Significant changes in the Statement of Financial Position as at 30th June 2024 (for the six-month period) were noted as follows: 1. Non-current assets increased by 5.9% resulting from an increase in property and equipment, intangible assets and right-of-use assets. 2. Current assets increased by 0.6% mainly because of increase in inventories, cash and cash equivalents and prepayments. 3. Current liabilities increased by 5.5% resulting mainly from increase in trade payables, accruals and other liabilities. 4. Non-current liabilities increased by 4.5% in H1 2024 mainly because of increase in lease liabilities related to new stores. 5. Total equity increased by 0.8% driven by an increase in retained earnings (net profit for the period). |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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