Ben David Holding's profits fell by 53.6 percent, with net profit 57.4 million riyals during the fourth quarter of 2020, for about 123.8 million riyals in the same quarter of 2019.


According to Arab Net, the company said in a statement that revenue fell 8.8% in the fourth quarter of the fiscal year 2020, to 1.113 billion riyals, compared to 1.22 billion riyals for the same period of 2019.


The decline in revenues during the fourth quarter of 2020, returned to the restrictions of international flights that led to the suspension of the Umrah season and restricted travel restrictions at the beginning of the second wave of Corona pandemic in the fourth quarter of the fiscal year 2020.


Furthermore, sales of shops were damaged as a result of the decline in promotions because of the application of social spacing procedures, and the absence of a season back to school after adopting e-learning and procurement habits to e-commerce.


During 2020, Ben Daoud Holding earnings rose 6.8% to SAR 447.7 million, for SAR 419.1 million net profit 2019.


The company said increase profits in 2020 on an annual basis, revenue increased by 6.5% to SR 5.156 billion, compared with 4.84 billion riyals in 2019.


The growth in sales was mainly driven by the company's stores, Danube for Foodstuffs and Kids (Danube), which contributed 3.65 billion riyals, an annual increase of 17.5%.


Ben David Holding said that Danube Standard sales helped compensate for the low sales of the subsidiary markets Ben Daoud commercial markets. Visitors to the shops in Makkah and Medina, along with suspension promotions such as offers back to school, end of the year and the food festival.


Bin Dawood Holding, Ahmed Abdel Razzaq bin Dawood, said the strong financial results during 2020 confirms the durability and flexibility of our business, especially since we had faced many challenges associated with Corona, which had affected our operations, particularly during the fourth quarter of the fiscal year 2020 ; The restrictions on international flights without our ability to serve hundreds of thousands of pilgrims and pilgrims who flew annually to Mecca and Madinah during the pilgrimage and Umrah and Ramadan.


The Chief Executive Officer: While we were optimistic at the end of the third quarter, it was gradually normal. Madinah. And he said...