Danube's sales rose 23.5% during the first nine months this year to 540.2m riyals. Reuters
Danube's sales rose 23.5% during the first nine months this year to 540.2m riyals. Reuters
Danube's sales rose 23.5% during the first nine months this year to 540.2m riyals. Reuters
Danube's sales rose 23.5% during the first nine months this year to 540.2m riyals. Reuters

Saudi Arabian retail chain BinDawood's Q3 profit down by 37% as pandemic hits sales


Mary Sophia
  • English
  • Arabic

BinDawood Holding Company, Saudi Arabia’s third-biggest grocery chain, reported a 37 per cent drop in its third quarter net profit as the pandemic proved challenging to overall sales.

Net profit for the three months to the end of September fell to 78.6 million Saudi riyals ($20.9m) compared to 124.4m in the same period last year, the company said in a statement on Tuesday to the kingdom's Tadawul exchange, where its shares trade.

Revenue dipped 9.5 per cent to 1.08 billion riyals during the period due to limited Hajj visitors this year in the light of Covid-19 pandemic and the company's decision to temporarily close its shops in Makkah and Madinah. Most of the branches have subsequently reopened, the company said earlier this week.

"By all accounts, this was a challenging quarter despite positive sales growth across our Danube stores," said Ahmad BinDawood, chief executive of BinDawood Holding.

"Our business is not immune to the impact of the pandemic and the VAT increase, which happened in July 2020, but operating two retail brands, BinDawood and Danube, gives us a unique advantage due to our considerably diverse range of customers and products."

BinDawood reported a 32 per cent increase in net profit during the first nine months of the year to 390.3m riyals, compared to 295.3m riyals during the same period last year.

"Improvements were supported and driven by effective cost management of the business," the company said.

Revenue during this period increased by 11.6 per cent to 4 billion riyals, compared to 3.6bn riyals for the same period last year.

BinDawood Holding began trading on Tadawul last month after listing 20 per cent of its shares. Investcorp, which acquired a minority stake in the hypermarket operator in 2016, exited through the listing.

The company has 73 stores, of which 51 are hypermarkets and 22 are supermarkets. It operates mid-market supermarket chain BinDawood and high-end grocery brand Danube.

Danube's revenue rose 23.5 per cent during the first nine months this year to 540.2m riyals, helped by growing demand for premium food and four new store openings. This offset a decline in sales at the company's BinDawood stores, which fell 9.1 per cent to 120.4m riyals.

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

RESULT

Uruguay 3 Russia 0
Uruguay:
 Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')

Man of the match: Diego Godin (Uruguay)

Mercedes-AMG GT 63 S E Performance: the specs

Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor

Power: 843hp at N/A rpm

Torque: 1470Nm N/A rpm

Transmission: 9-speed auto

Fuel consumption: 8.6L/100km

On sale: October to December

Price: From Dh875,000 (estimate)

UAE currency: the story behind the money in your pockets
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  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
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Transmission: 7-speed auto

0-100kmh 2.3 seconds

0-200kmh 5.5 seconds

0-300kmh 11.6 seconds

Power: 1500hp

Torque: 1600Nm

Price: Dh13,400,000

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