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Bin Dawood’s profits jumped 5% to 65.5 million riyals in the first quarter

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Bin Dawood Holding Company announced preliminary financial results for the period ended March 31, 2022, achieving a 5.3% increase in net profit to reach 65.5 million riyals at the end of the first quarter of questyear, compared with profits of 62.1 million riyals in the same period last year.

The company said today, Monday, in a statement in “Saudi Tadawul” that revenues for the first quarter of 2022 amounted to 1.175 billion riyals, an increase of 4.5% over the same period last year.

He explained that this increase in revenue is mainly due to the return of the Shaaban seasons and back to school, adding that, in addition, the company’s stores in the Two Holy Mosques in both Mecca and Medina have benefited from the lifting of all restrictions on the execution of Umrah.

He said this happened despite the decrease in gross profit margin to 32.6% in the first quarter of questyear, a slight decrease compared to the margin recorded for the same period of the previous year, 33.2%, with the resumption of normal marketing campaigns.

He pointed out that operating expenses in the first quarter increased by 312.8 million Saudi riyals, compared to 288.6 million Saudi riyals in the first quarter of 2021.

The year-over-year increase reflects the impact of the additional expenses incurred in opening new stores over the course of 2021.

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