Riyadh – Mubasher: BinDawood Holding Company logged net profits after Zakat and tax worth SAR 124.73 million in 2022, a 48.15% plunge from SAR 240.56 million in 2021.

Revenues hit SAR 4.89 billion as of 31 December 2022, up 11.75% year-on-year (YoY) from SAR 4.38 billion, according to the financial results.

The earnings per share (EPS) retreated to SAR 1.04 last year from SAR 2.10 in 2021.

Income Statements for Q4-22

In the fourth quarter (Q4) of 2022, BinDawood recorded 391.50% higher net profits after Zakat and tax at SAR 64.90 million, versus SAR 13.20 million in Q4-21.

The revenues grew by 24.70% YoY to SAR 1.31 billion in Q4-22 from SAR 1.05 billion.

Ahmad BinDawood, CEO of BinDawood Holding, noted: “We registered more than 3 million customers in our loyalty program in less than one year, with a majority of these being repeat customers, helping to further reinforce the power and resilience of our brand.”

“As we continue to execute our strategic priorities, we acquired a majority interest in International Applications Company (IAC) as a means of getting better control and visibility over our online sales strategy,” BinDawood highlighted.

He added: “We also acquired majority control in Ykone Group, a global tech-enabled influencer marketing company that specialises in the retail sector.”

The CEO stated: “In 2023, we plan to roll out six-seven new stores across all the three formats we operate in – Hypermarkets, Supermarkets, and Express stores with a strategic focus on major cities in Western and Central Regions.”

During the first nine months (9M) of 2022, the Saudi firm posted an annual decrease of 73.70% in net profit after Zakat and tax to SAR 59.78 million from SAR 227.34 million.