BinDawood Holding 9M 2022 results: BinDawood Holding sales up 7.6% year-on-year

BinDawood Holding 9M 2022 results: BinDawood Holding sales up 7.6% year-on-year

Jeddah, Saudi Arabia – BinDawood Holding Co. (Tadawul: 4161 and the “Company”), one of the leading grocery retail operators of hypermarkets and supermarkets in the Kingdom of Saudi Arabia, today reported its Q3 and 9M 2022 financial results.

Financial Highlights (SAR Million)

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Q3 2022

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Q3 2021

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% Up / (Down)

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Q2 2022

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% Up / (Down)

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Revenue

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1,182.5

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1,077.8

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9.7%

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1,220.9

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(3.1)%

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Gross Profit

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307.2

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397.3

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(22.7)%

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378.1

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(18.8)%

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Net Profit (loss)

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(48)

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70.2

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(168.4)%

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42.3

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(213.5)%

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9M 2021

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% Up / (Down)

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Revenue

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3,578.7

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3,325.0

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Gross Profit

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1,069

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1,170.1

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(8.6)%

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Net Profit

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59.8

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227.3

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(73.7)%

Comments from Khalid BinDawood, Managing Director of BinDawood Holding:

“Our sales were up 7.6% on a year-to-date basis, which is hugely encouraging, as we see shoppers returning to our stores and responding positively to our loyalty program launched earlier this year. However, this revenue increase has come by sacrificing gross margin because of continued promotional and marketing activity. In addition, the costs associated with opening of new stores, M&A costs and the continued strengthening of the management team has resulted in a substantial increase in operating expenses. The combined effect has translated in a net loss of SAR 48 million for this quarter.

“While