The financial statements of Bin Dawood Holding Company showed that the company's profits in the first nine months of this year increased by 32.2% on an annual basis.
According to the company's results for the Saudi market (Tadawul), today, Tuesday, profits for the period amounted to 390.33 million riyals, compared to profits of 295.26 million riyals for the first nine months of 2019.
The company said in a statement to the Stock Exchange that the increase in profits during the comparison periods is due to several factors, most notably the increase in revenues by 11.6%, as 4 new stores were opened in 2020 along with Side by side with the increasing demand for consumer goods during the precautionary lockdown period, and to attract more customers.
The company achieved net profits of 78.65 million riyals in the third quarter of this year, compared to a profit of 124.47 million riyals for the same period of 2019, a decrease of 36.8%.
The company explained that the decline in quarterly profits in the third quarter of 2020 is due to a decrease in revenues by 9.5% compared to the corresponding quarter of last year, due to the fact that the results of the third quarter of The year 2019 included the seasonal revenues from the Hajj, unlike what happened in the current year.
On the other hand, the company’s board of directors decided to distribute cash dividends to shareholders for the period of the second and third quarters of this year at a value of 228.6 million riyals, at a rate of 20% in cash from The nominal value of the share, provided that the eligibility date is November 19, and the distribution within 15 working days from the maturity date.
