Saudi retailer BinDawood to expand after record profit margins, says CEO

Saudi retailer BinDawood to expand after record profit margins, says CEO
The company’s profit margin rose to 34.4 percent. (Shutterstock)
Short Url
Updated 18 August 2021
Follow

Saudi retailer BinDawood to expand after record profit margins, says CEO

Saudi retailer BinDawood to expand after record profit margins, says CEO

RIYADH: Saudi grocery retailer BinDawood is planning to expand throughout the Kingdom after recording its highest profit margin ever, CEO Ahmad A.R. BinDawood told financial news outlet Argaam in a phone call.

The company’s profit margin rose to 34.4 percent — the highest rate ever achieved by the company, BinDawood said.

He revealed plans to open five new stores for the “Danube” brand during the second half of 2021 to support the company’s readiness for the next year, during which it expects above-average revenue growth and large net profit improvement.

The first store will open in late August, while the remaining four stores will open before the end of this year. The CEO said the group will build four supermarkets and a hypermarket.

BinDawood owns 47 stores of the “Danube” brand and 27 stores of the “BinDawood” brand, all of which are distributed in strategic areas throughout the Kingdom, whether in major cities or regions, the CEO said.

He added that the company is continuing its plan to open two stores within the BinDawood chain over the next year.

Sales have started to return to their normal rates over the past year, BinDawood said, expecting similar results for the first half or an increase in sales results during the second half of 2021.

He added that sales maintained their levels during the second quarter of 2021 compared to the previous quarter.