BinDawood sees lower profits in H1-22; dividends announced

Riyadh –  BinDawood Holding Company has achieved net profits after Zakat and tax worth SAR 107.79 million in the first half (H1) of 2022, lower by 31.39% than SAR 157.10 million in H1-21.

The revenues amounted to SAR 2.39 billion in H1-22, up 6.62% year-on-year (YoY) from SAR 2.24 billion, according to the interim financial results.

Additionally, the earnings per share (EPS) plummeted to SAR 0.94 in the first six months (6M) of 2022, versus SAR 1.37 in the year-ago period.

During the second quarter (Q2) of 2022, the net profits after Zakat and tax shrank by 55.43% YoY to SAR 42.33 million from SAR 94.98 million, while the revenues rose by 8.73% YoY to SAR 1.22 billion from SAR 1.12 billion.

Meanwhile, the company announced a cash dividend distribution of SAR 0.90 per share, representing 9% of the share’s nominal value, for H1-22.

The Saudi listed firm will pay out a total of SAR 102.87 million for 114.30 million eligible shares. The eligibility and distribution dates will be on 11 and 25 September, respectively.

In the January-March 2022 period, BinDawood reported a 5.38% surge in net profit after Zakat and tax to SAR 65.45 million, versus SAR 62.11 million during the same period a year earlier.

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