Saudi retailer BinDawood’s profits decline 31% despite high sales

RIYADH: BinDawood Holding Co. saw its profits decline 31 percent during the first half of 2022 despite revenue rising 7 percent.

BinDawood’s board proposed a half-year cash dividend payout of SR103 million ($27 million) at SR0.9 per share, bourse filings show.

The retailer’s profits hit SR108 million during the first half, compared to SR157 million in the year-prior period.

The company attributed the weak figures to lower gross profit and higher operating expenses combined.