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BinDawood profit more than doubles on higher revenue

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.

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