RIYADH: BinDawood Holding Company, a leading grocery retail operator of hypermarkets and supermarkets in the Kingdom, announced a net profit decrease of 41.7 percent in the first nine months of 2021 on higher costs.
The group reported a SR227.34 million ($60.6 million) profit compared to SR390.32 million in the same period of 2020, it said in a filing.
Net profit margin fell from 9.7 percent in nine months in 2020 to 6.8 percent this year due to a greater impact of fixed costs due to a decline in revenue, the company said in a bourse filing.
Net profit also dropped in the third quarter of 2021, by 10.6 percent year-on-year, reaching SR70.24 million.
The company attributed this decrease to the increase in operating expenses by 11.7 percent.