RIYADH: Shares of BinDawood Holding Co. finished 3.64 percent lower, following 31 percent profits decline during the first half of 2022 despite revenue rising 7 percent.

The firm’s shares reached SR84.80 at the closing session on Wednesday, down from SR88.00 at the previous close.

BinDawood’s board proposed a half-year cash dividend payout of SR103 million ($27 million) at SR0.9 per share, bourse filings show.

The retailer’s profits hit SR108 million during the first half, compared to SR157 million in the year-prior period.

The company attributed the weak figures to lower gross profit and higher operating expenses combined.

BinDawood sales and revenues surpassed SR2.4 billion during the six-month period.

“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,” CEO of BinDawood Ahmad BinDawoo said.