Bin Dawood Holding Company
4161.SR · SAU
Company research
BinDawood Holding Company (4161.SR) is a leading Saudi retail conglomerate founded in 1984 and headquartered in Jeddah, Saudi Arabia, primarily engaged in the retail distribution of fast-moving consumer goods (FMCG), fresh food, non-food products, and household consumables through its two iconic retail chains, BinDawood and Danube. The company operates a network of 95 hypermarkets, supermarkets, and express stores across major Saudi Arabian cities and Bahrain, holding the position of the number one grocery retail operator in Makkah and Madinah, with reported revenues of SAR 5.67 billion in 2024. Beyond traditional retail, BinDawood Holding manages a diverse portfolio of subsidiaries including in-store bakeries, e-commerce platforms (Danube Online and BinDawood App), express store concepts at the Haramain High-Speed Railway Station, and IACo, which oversees its expanding dark store network for rapid home delivery. Listed on the Saudi Exchange (Tadawul) in October 2020 under ticker 4161, the company employs approximately 9,874 full-time employees and continues to integrate technology and digital innovation into its operations to solidify its position as one of the MENA region's largest grocery retail operators.
Research reports
Q1‑26 flash note reporting revenue of SAR 1,811.4 million (up 8.2% YoY and 8.5% QoQ) and net income of SAR 71.3 million (up 8.4% YoY but down 37.3% QoQ), driven by expansion in grocery retail, consolidation of the pharmacy business and tech acquisitions alongside a 45 bps improvement in gross margin to 32.0%. The report maintains a neutral recommendation with a SAR 5.2 target price, arguing that while margin‑accretive acquisitions and operational efficiencies are positive, limited room for re‑rating, higher finance costs and lease expenses temper the upside.
Riyad Capital · November 13, 2025BinDawood Holding Co. (BDH) 3Q2025 First Look – New Acquisition, New Dividend3Q‑25 First Look note highlighting 12% YoY and 4% QoQ revenue growth to SAR 1.529 billion, with gross profit up 16% YoY and margin expansion driven by the full consolidation of the Zahrat pharmacy business, offset by higher Opex as a percentage of sales linked to new retail locations and an evolving cost structure. Riyad Capital lowers its target price to SAR 6.00 but keeps a neutral rating, citing rising operating costs, heightened grocery‑sector competition and a cut in the interim dividend from SAR 0.10 to SAR 0.04 per share as key risks limiting upside despite acquisition‑led growth.
Riyad Capital · August 14, 2025BinDawood Holding Co. (BDH) 2Q2025 First Look – New Integrations Boost Margins, While Grocery Declines2Q‑25 First Look report noting revenues of SAR 1.474 billion (up 4% YoY but down 12% QoQ), with gross profit up 11% YoY to SAR 533 million and gross margin improving to 36% on higher‑margin pharmacy and distribution activities even as the core grocery business weakened on softer consumer sentiment and lower seasonal sales. The analyst maintains a neutral rating with a SAR 6.25 target price, emphasizing that margin benefits from new integrations are offset by a rising Opex‑to‑sales ratio, growing debt levels and pressure on grocery performance, which together constrain re‑rating potential.