Bindawood : Saudi retailer BinDawood reports $17m profit as pandemic restrictions ease

Author: Mon, 2022-05-23 08:53 RIYADH: BinDawood Holding Co., a leading retail operator in Saudi Arabia, has posted a surge in first-quarter profit, thanks to the easing of pandemic restrictions. The group reported SR65.5 million ($17 million) in profit, a slight increase from SR62 million in the same period of 2021, it said in a bourse filing. Along with the profit increase, the company's revenues reached SR1.18 billion, up from SR1.12 billion a year earlier, mainly boosted by a rise in sales during the back-to-school season. Its stores in Makkah and Madinah benefited from the government's decision to lift restrictions on pilgrims performing Umrah, the company noted. "We are finally beginning to see a marked improvement in trading," CEO Ahmad BinDawood said, commenting on the results. "Greater freedom of movement for the local population has led to higher consumer spending in general, and more specifically, an increase in footfall through our stores," he added. Main category: Business & EconomyTags: BinDawoodSaudiretailerPandemiccovid Saudi retailer BinDawood profits drop 46% as pandemic hits salesSaudi retail major BinDawood's unit acquires majority stake in IATC for $29m