RIYADH: BinDawood Holding Co. is optimistic about continuing with a good performance in the second quarter following strong first-quarter results, which saw the company reporting a 5 percent growth in profit to SR65.5 million ($17.46 million), the retailer’s CEO Ahmad BinDawood told Argaam.
The lifting of pandemic restrictions has led to the return of more pilgrims to Makkah and Madinah, as well as more tourists and business travelers, resulting in higher consumer spending and footfall at stores in Makkah and Madinah, contributing to a significant rise in revenues, said BinDawood.
Talking about the company’s financial outlook for the second quarter, the CEO added that BinDawood Holding had a “very good” performance in all financial metrics and is “quietly optimistic” that it has finally turned the corner.
“We are unable to provide guidance, but we believe with a strong Ramadan and Eid season, as well as our ability to run promotions and marketing campaigns, we are confident in the year ahead,” he was quoted as saying in the interview with Argaam.
The retailer saw sales grow 13.9 percent and 18.5 percent year-on-year and sequentially, respectively, according to data compiled by Argaam.
