Riyadh – Mubasher: Saudi Arabia's BinDawood Holding gained SAR 78.7 million in net earnings during the third quarter (Q3) of the year, down by 36.8% on a year-on-year (YoY) basis.
Revenue for the three-month period ended in September 2020 hit SAR 1.1 billion, a yearly decline of 9.5%, according to a bourse filing on Tuesday.
The drop in revenues was driven by the repercussions of the coronavirus pandemic on some of BinDawood’s branches that serve pilgrims, which were adversely impacted during 2020 due to the Hajj season being carried out on a very limited scale.
Moreover, the results were affected by the recent hike in the value-added tax (VAT), coupled with the transition into school distant learning as a precaution against the global health crisis. Meanwhile, operating expenses and depreciation remained unchanged.
During the first nine months of the year, the company’s profits jumped by 32.2% YoY to SAR 390.3 million.
In a separate statement, the company said it will pay SAR 228.6 million in cash dividends to shareholders for the second and third quarters of 2020.
Eligibility of dividends will be to shareholders on 19 November 2020, as per the registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the due date.
The distributions will be paid within 15 business days from the maturity date.
