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Bindawood Holding, one of Saudi Arabia s biggest grocery retailers, reported a tough start to 2021 as net profit fell 51 per cent in the first quarter on lower sales.
The company reported net profit of 62.1 million riyals ($16.5m), compared with 126.3m riyals in the same period last year. Revenue fell 20 per cent 1.12 billion riyals.
“It has been a tough start to the year as the local Saudi grocery retail market continues to remain subdued, Ahmad BinDawood, chief executive of BinDawood Holding, said. It is heartening to see some green shoots of recovery but overall, we see a return to pre-Covid sales only in the second half of 2021.