Bindawood Holding, one of Saudi Arabia's biggest grocery retailers, reported a "tough start" to 2021 as net profit fell 51 per cent in the first quarter on lower sales.
The company reported net profit of 62.1 million riyals ($16.5m), compared with 126.3m riyals in the same period last year. Revenue fell 20 per cent 1.12 billion riyals.
“It has been a tough start to the year as the local Saudi grocery retail market continues to remain subdued," Ahmad BinDawood, chief executive of BinDawood Holding, said. "It is heartening to see some green shoots of recovery but overall, we see a return to pre-Covid sales only in the second half of 2021."
Bindawood Holding operates 74 stores across the kingdom – 51 of which are hypermarkets and 23 supermarkets – under the Bindawood and Danube brands. The company said revenue was stronger in the corresponding quarter last year as there was a one-off gain from people stocking up in March ahead of anticipated lockdowns. Moreover, its stores in Makkah and Madinah were fully operational for the entire first quarter of last year but had some pandemic restrictions in place this year.
An easing of restrictions, the gradual return of pilgrims to the kingdom's two holy cities and forthcoming promotions and festivals are all things that make the company "cautiously optimistic" about stronger sales and profit in the second half, Mr BinDawood said.
“Furthermore, we are excited to announce we will be bringing our eponymous BinDawood brand to the Riyadh Province. We plan to open 10 BinDawood stores across the province between 2022 and 2027 and to increase that number in line with market demand. As a recently listed company, we are very proud to announce this investment in the Riyadh Province, which will not only increase our physical footprint across the kingdom but will also result in more employment opportunities for Saudi nationals in the supermarket sector."
BinDawood made its debut on the Saudi stock exchange, Tadawul, in October last year.
The company is also planning to grow internationally, with Bahrain already targeted as a location for expansion.
UAE currency: the story behind the money in your pockets
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
UAE currency: the story behind the money in your pockets
US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
Scorecard
Scotland 220
K Coetzer 95, J Siddique 3-49, R Mustafa 3-35
UAE 224-3 in 43,5 overs
C Suri 67, B Hameed 63 not out
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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The winners
Fiction
- ‘Amreekiya’ by Lena Mahmoud
- ‘As Good As True’ by Cheryl Reid
The Evelyn Shakir Non-Fiction Award
- ‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi; translated by Ramon J Stern
- ‘The Sound of Listening’ by Philip Metres
The George Ellenbogen Poetry Award
- ‘Footnotes in the Order of Disappearance’ by Fady Joudah
Children/Young Adult
- ‘I’ve Loved You Since Forever’ by Hoda Kotb
Brief scores:
Toss: Kerala Knights, opted to fielf
Pakhtoons 109-5 (10 ov)
Fletcher 32; Lamichhane 3-17
Kerala Knights 110-2 (7.5 ov)
Morgan 46 not out, Stirling 40
The%20Roundup
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What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
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