Earnings Report /
Saudi Arabia

BinDawood Holding: Opex growth leads to weaker results

  • Revenue decreased by 0.4% yoy (-4.0% qoq) to SAR1.08bn, lower than our estimates of SAR1.13bn

  • Gross margins expanded by 395bps yoy to 36.9% and was higher than our estimates of 35.4%.

  • Operating expenses in absolute terms increased by 12.0% yoy to reach SAR302mn compared to our estimates of SAR283mn

SNB Capital
9 November 2021
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