Bin Dawood Holding Company achieved a 5.3% increase in net profits for the first quarter of 2022 to reach 65.5 million riyals, compared to profits of 62.1 million riyals during the same period in the year 2021.
According to Arabiya Net, the company stated in a statement that the revenues for the first quarter of 2022 amounted to 1.175 billion riyals, an increase of 4.5% compared to the same period last year. .
She explained that this increase in revenues is mainly due to the return of the two seasons of Shaban and back to school, adding that, in addition, the company's stores in Al-Harameen benefited both in Makkah Al-Mukarramah and Al-Madinah Al-Munawwarah, from lifting all restrictions on performing Umrah.
This came despite the decline in the gross profit margin to 32.6% in the first quarter of this year, slightly lower than the margin recorded for the same period last year, 33.2 percent. %, with the resumption of the usual marketing campaigns.
He pointed to an increase in operating expenses in the first quarter of 312.8 million Saudi riyals, compared to 288.6 million Saudi riyals in the first quarter of 2021.
The year-on-year increase reflects the impact of additional expenses incurred in opening new stores during 2021.
