Dubai
BinDawood Superstores said it would open ten new branches in Riyadh as the retailer expands its footprint in the Kingdom.
The company, a unit of BinDawood Holding, said in a stock exchange statement that it would open the branches over five years from 2022 to 2027.
BinDawood Holding on Monday said first-quarter profit fell by more than half to SR62.1 million ($16.5 million) compared to a year earlier.
Revenues declined y a fifth to SR1.12 billion because of “non-recurring pantry buying” at the start of the pandemic when consumers stocked up on purchases.
That rush was not repeated in the first quarter of this year.
“It has been a tough start to the year as the local Saudi grocery retail market continues to remain subdued.—AN
