BinDawood Holding H1 2024 profit up 14% to SAR 137M; Q2 at SAR 78M

11/08/2024 Argaam Exclusive

BinDawood Holding Co. reported a 14% rise in H1 2024 net profit to SAR 137 million (excluding minority interest) from SAR 120.8 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 2,792.76 2,890.76 3.5 %
Gross Income 868.68 931.47 7.2 %
Operating Income 171.24 180.46 5.4 %
Net Income 120.79 132.31 9.5 %
Average Shares 1,143.00 1,143.00 -
EPS (Riyals) 0.11 0.12 9.5 %

Revenues rose 3.5% year-on-year (YoY) to SAR 2.89 billion in H1 2024, due to the success of the company’s loyalty program, the emphasis on data-driven decisions, better product mix and enhancements to the shopping experience.

 

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, on the back of 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.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 1,411.60 1,417.84 0.4 %
Gross Income 452.05 480.43 6.3 %
Operating Income 96.74 98.89 2.2 %
Net Income 69.30 75.04 8.3 %
Average Shares 1,143.00 1,143.00 -
EPS (Riyals) 0.06 0.07 8.3 %

In Q2 2024, net profit jumped 12% YoY to SAR 78 million.

 

The second-quarter net earnings increased by 29.9% from SAR 59.6 million in Q1 2024.

 

Shareholders’ equity, excluding minority interest, rose to SAR 1.4 billion as of June 30, 2024, from SAR 1.36 billion a year earlier.

 

Attached Documents

 

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Share Price

BinDawood Holding Co.
6.96
(0.05) (0.71 %)

BinDawood Holding Co. (BINDAWOOD)

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Financial Ratios
Current
Market Cap (M Riyal) 7,955.28
Enterprise Value (EV) (M) 7,368.76
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) 27.38
P/E (TTM) 27.38
Price/book 5.52
Return on Average Assets (%) (TTM) 5.7
Return on Average Equity (%) (TTM) 20.5
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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 % 56.06 290.8 %
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 %


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 34.04 170.5 % 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 75.04 8.3 % 0.07 - 75.04 0.07

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 % 13.32 % 3.36 %
Q4 2023 32.30 % 14.65 % 5.10 %
Q1 2024 32.38 % 14.65 % 5.16 %
Q2 2024 32.85 % 14.53 % 5.09 %


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

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 32.91 38.31 5.07
Q4 2023 25.67 24.78 5.06
Q1 2024 35.52 34.32 6.92
Q2 2024 29.17 29.08 6.03

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 883.20 421.22 54.35
Q4 2023 925.59 396.97 128.84
Q1 2024 934.90 484.00 54.02
Q2 2024 884.40 450.10 83.34

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 64.50 75.04 16.35 %

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
Sico 68.60 75.04 9.4 %
Goldman Sachs 68.58 75.04 9.4 %
AlJazira Capital 66.80 75.04 12.3 %
U-Capital 65.80 75.04 14.0 %
SNB Capital 64.70 75.04 16.0 %
Al Rajhi Capital 64.00 75.04 17.3 %
Riyad Capital 53.00 75.04 41.6 %

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