Saudi retail major BinDawood reports bumper sales as Danube outperforms

PHOTO

RIYADH: A sharp rise in sales at the Danube supermarket chain helped to lift profits at Saudi retail group BinDawood.

Net profit rose 6.8 percent to SR447.7 million ($119.2 million) last year as overall sales rose by about 6.5 percent to SR5.2 billion, the company said in a stock exchange filing on Monday.

BinDawood Holding operates two retail chains, BinDawood and Danube, together accounting for 74 stores in 15 cities across the Kingdom.

While Danube sales jumped by 17.5 percent over the year, BinDawood was hit hard by the pandemic travel restrictions, especially in its Makkah and Madinah stores

“The decline in Bindawood sales was principally related to pandemic travel restrictions leading to an absence of pilgrim inflow during Umrah, Hajj and Ramadan seasons,” the company said in a statement.

It would also usually rely heavily on promotional campaigns such as ‘Back to School’, year end sales and food festivals, which were also curtailed due to lockdowns.

The company opened five new Danube branches over the year and opened its first international outlet in Bahrain.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.