Skip to content Skip to Search
Skip navigation

BinDawood profit more than doubles on higher revenue

By Pramod Kumar
BinDawood profit reached 4.9% in 2023 as revenue rose 14.4% year on year to SAR5.6 billion BinDawood Holding
BinDawood profit reached 4.9% in 2023 as revenue rose 14.4% year on year to SAR5.6 billion

Saudi grocery retailer BinDawood Holding more than doubled its profit in 2023, on higher revenue and gross profit margin.

Earnings for the 12-month period reached SAR275 million ($73 million) compared with SAR125 million the previous year.

Revenue rose 14.4 percent year on year to SAR5.6 billion amid high sales from BinDawood and Danube stores, as well as the contribution of subsidiaries acquired in July 2022.

Gross profit margin rose to 4.9 percent in 2023 from 2.5 percent in 2022. Total shareholders’ equity rose 3.2 percent year on year to SAR1.4 billion.

In August 2023, BinDawood Holding said it planned to open six new stores in Saudi Arabia.

The company operates 84 hypermarkets and supermarkets across the kingdom. It is also planning to expand its e-commerce capacity.

Latest articles

Jordan's capital, Amman. It buys or sells gold reserves almost every month, more frequently than its Mena peers

Jordan most active gold trader as Mena states adjust holdings

Middle Eastern states are upping their trade in gold as price shifts create opportunity. Qatar, Egypt and Jordan have all bought sizeable amounts of gold in recent months, according to data from the World Gold Council and official announcements. Qatar and Egypt increased their holdings by 1.2 and 0.5 tonnes respectively, March data from the […]

Most areas of Syria receive electricity for only a few hours each day and substantial infrastructure repair is needed

Qatar to supply Syria with natural gas to ease power crisis

Qatar has signed an agreement to supply natural gas to Syria via Jordan, a significant step towards addressing the war-torn nation’s energy crisis.  The agreement, signed between Qatar Fund for Development (QFFD) and Jordan’s energy ministry, in collaboration with the United Nations Development Programme, will contribute to generating up to 400 megawatts of electricity daily […]

People sitting on bicycles look on amidst flood water following heavy rainfall, in Dubai, United Arab Emirates, April 19, 2024

Ominvest 2024 profits hit by insurance subsidiary losses

Losses at an insurance subsidiary caused by the deadly floods that struck Oman and the UAE last year hit profits at Oman International Development and Investment Company (Ominvest), a large listed holding company. Ominvest reported net profit of $96 million in 2024, down 7 percent year on year from $104 million in 2023. The company’s […]

EGA, one of the world's largest aluminium producers, said on Wednesday volatility in aluminium prices is expected to continue in 2025

UAE aluminium exports to US jump ahead of tariffs

The UAE’s exports of aluminium to the US jumped in the first 11 days of March, data from the US Department of Commerce showed, as buyers stocked up on shipments from their second-biggest supplier before the US tariffs took effect on Wednesday. So far in March, the UAE exported 68,560.29 metric tonnes of aluminium to the […]

Coil, Spiral, Wire

Morocco probes alleged dumping of Egyptian and UAE steel wire

Morocco has started an investigation into the alleged dumping by Egyptian and Emirati producers of galvanised steel wire used in agriculture and industry, according to local media. The investigation comes after Moroccan companies complained that Egyptian and UAE steel wire is being dumped at below market rates in the Moroccan market, Morocco World News reported. […]

Brooge's flagship facilities are located in Fujairah, the world’s second-largest bunkering and emerging storage hub

Gulf Navigation buys Nasdaq-listed Brooge Energy

Dubai-listed Gulf Navigation Holding is building its presence in the midstream oil and gas and logistics sectors following the acquisition of a Nasdaq-listed oil refining and storage company. Shareholders on Thursday approved the buying of assets and companies owned by Brooge Energy Limited, the company said in a statement to the Dubai stock exchange. This […]

Saudi china oil

Chinese demand for Saudi crude to drop 13% in April

Shipments of crude oil by Saudi Arabian to its biggest customer, China, are expected to drop in April to their lowest in more than a year, trade sources said on Thursday, partly due to maintenance at Chinese refineries owned by Sinopec. Saudi Arabia allocated about 35.5 million barrels of oil in April to its Chinese […]

Fatih Birol, Executive director of the International Energy Agency, arrives for a meeting with international investors in IA at the Elysee Palace as part of the Artificial Intelligence (AI) Action Summit in Paris, France, February 10, 2025. REUTERS/Gonzalo Fuentes

IEA’s hard line on oil glut clashes with Opec forecast

The International Energy Agency (IEA) has said US tariffs will contribute to a decline in global oil demand growth this year, once again contrasting with Opec’s more optimistic forecast. In a monthly report published on Thursday the IEA forecast that oil demand would grow by 1 million barrels per day (bpd) in 2025, down 70,000 […]

Kuwait’s Jazeera Airways CEO buys shares in his own airline

The CEO of Kuwait’s Jazeera Airways has bought nearly 50,000 shares in his own company as the airline embarks on a five-year plan to boost performance. Barathan Pasupathi purchased the shares between March 9 and 10, according to company disclosures on the Kuwaiti Bourse, worth roughly KD4.7 million ($15 million). Shares in the company opened […]

The mirrored building in Madain Saleh at the Alula giga-project in Saudi Arabia

Saudi Arabia still needs consultants despite PwC ban

Saudi Arabia’s Public Investment Fund may have banned the global professional services giant PwC from any new advisory work for the next year, but the kingdom still needs all the help it can get, according to analysts. The country is spending billions of dollars on infrastructure and other projects as it attempts to diversify its […]

Libya Mabruk oil

Production resumes at Libya’s Mabruk oilfield after a decade

Libya has resumed production at the Mabruk oilfield after a decade-long shutdown, the Tripoli-based Government of National Unity said on Wednesday. Production under Mabruk Oil Operations officially restarted on Sunday at an initial rate of 5,000 barrels per day, according to a government statement, with plans for an increase to 7,000 bpd by the end […]