Bin Dawood’s profits rise to 280.25 million riyals in 2024

Bin Dawood Holding Company increased in 2024 by 1.9% to 280.25 million riyals, compared to 275.07 million riyals in the year 2023.
According to the company’s statement on the circulation of Saudi Arabia, the total profit increased by 4.6% to reach 1,893.8 billion riyals, with the improvement of the profit margin to reach 33.4% compared to 32.3% in the fiscal year 2024 AD, exceeding the expected trends that ranged between 32% – 33%.
This growth is attributed to: the improvement of the product mixture, stronger conditions with suppliers, the efficiency of operational operations, and contributions from the business of Jumeirah and the Future Technology Company.
Operating expenses increased by 4.6% to 1,531 billion riyals, with the rate of operating expenses to sales increased slightly to 26.97% compared to 26.13% on an annual basis.
Cost reduction policies helped reduce this rise, despite investments in:
1- Attracting competencies.
2- Opening the new branches.
3- The costs related to the acquisition.
The net profit increased by 1.9% to 280.2 million riyals, driven by:
High total profit margins, which are partly met with an increase in operational expenses as a result of investing in human resources and business expansion.