Saudi retail major BinDawood reports bumper sales as Danube outperforms

RIYADH: A sharp rise in sales at the Danube supermarket chain helped to lift profits at Saudi retail group BinDawood.
Net profit rose 6.8 percent to SR447.7 million ($119.2 million) last year as overall sales rose by about 6.5 percent to SR5.2 billion, the company said in a stock exchange filing on Monday.
BinDawood Holding operates two retail chains, BinDawood and Danube, together accounting for 74 stores in 15 cities across the Kingdom.
While Danube sales jumped by 17.5 percent over the year, BinDawood was hit hard by the pandemic travel restrictions, especially in its Makkah and Madinah stores
“The decline in Bindawood sales was principally related to pandemic travel restrictions leading to an absence of pilgrim inflow during Umrah, Hajj and Ramadan seasons,” the company said in a statement.
It would also usually rely heavily on promotional campaigns such as ‘Back to School’, year end sales and food festivals, which were also curtailed due to lockdowns.
The company opened five new Danube branches over the year and opened its first international outlet in Bahrain.