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Saudi Arabian hypermarkets and supermarkets chain operator BinDawood Holding has expanded its retail network with the opening of a new outlet in the kingdom.
In a statement to the Saudi Stock Exchange (Tadawul) on Thursday, the company said that its subsidiary, Danube Company for Foodstuffs and Commodities, has opened its 48th branch.
The 5,000 square-metre outlet is located in Dan Plaza, a shopping mall in the Awali District, southeast of Makkah.
The new store opening is expected to increase the company’s turnover and profitability, BinDawood Holding said.
“With the latest addition of Danube in Makkah, the total Bin Dawood Holding store count reaches 75 stores overall across the kingdom,” it said.
The retailer’s net profit fell 48.7 percent in the second quarter of 2021 to 94.9 million riyals ($25.3 million), compared to 185.4 million riyals a year ago.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)
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