BinDawood Holding Company has reported a 31 percent dip in H1 profit to $28.80 million, compared with the profit of $41.86 million for the same period of the last year.
The company said the weak figures resulted from a dip in gross profit and and an increase in operating expenses.
The company’s board proposed a half-year cash dividend payout of $27 million at SR0.9 per share, bourse filings show.
Its sales and revenues surpassed $640 million during the six-month period.
The company CEO, Ahmad BinDawood, said.“Our strong start to the year in terms of sales has been driven by a return of pilgrims for Hajj and Umrah, coupled with marketing and promotions carried out during Ramadan and Back to School seasons.”
