RIYADH: BinDawood Holding Co., a leading retail operator in the Kingdom, has recorded a drop in its share price, hours after it announced a surge in first-quarter profit.
Shares of the company were down 0.9 percent to SR91.4 ($24.4) as of 1:07 p.m. Saudi time on Monday.
The group reported SR65.5 million in profit, a slight increase from SR62 million in the same period of 2021, thanks to the ease of pandemic restrictions.
Along with the profit increase, revenues reached SR1.18 billion, up from SR1.12 billion a year earlier, mainly boosted by a rise in sales during the back-to-school season.
Stores in Makkah and Madinah benefited from the government’s decision to lift restrictions on pilgrims performing Umrah, the company noted.
“We are finally beginning to see a marked improvement in trading,” CEO Ahmad BinDawood said, commenting on the results.
“Greater freedom of movement for the local population has led to higher consumer spending in general, and more specifically, an increase in footfall through our stores,” he added.
