Saudi retailer BinDawood’s shares decline after profits fall 74% to $16m

The company attributed the weak figures to lower gross profit and higher operating expenses combined. (Supplied)
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Updated 08 November 2022
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Saudi retailer BinDawood’s shares decline after profits fall 74% to $16m

RIYADH: BinDawood Holding Co.'s net profits declined 74 percent to SR60 million ($16 million) during the first nine months of 2022 from SR227 million in the same period last year. 

The company attributed the weak figures to lower gross profit and higher operating expenses combined. 

In response to the retailer’s poor performance, its shares declined 9.68 percent to SR56, leading the fallers at the end of Tuesday's session.

Despite the weak performance, its revenues surpassed SR3.6 billion between January and September, driven by BinDawood stores’ sales, which were 28 percent higher than in the first nine months of 2021. 

 

“Our sales were up 7.6 percent on a year-to-date basis, which is hugely encouraging, as we see shoppers returning to our stores and responding positively to our loyalty program launched earlier this year. However, this revenue increase has come by sacrificing gross margin because of continued promotional and marketing activity,” said Khalid BinDawood, managing director of  BinDawood Holding Co. 

“In addition, the costs associated with opening new stores, M&A costs and the continued strengthening of the management team have resulted in a substantial increase in operating expenses. The combined effect has translated into a net loss of SR48 million for this quarter,” he added. 

For the third quarter of the year, BinDawood accrued losses of SR48 million from profits of SR70 million in the same period of last year. 


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.