Bahrain Duty Free profit surges 33pc

MANAMA: Bahrain Duty Free Shop Complex achieved a net profit of BD1,880,158 during the second quarter of 2018, compared with BD1,412,094 during the second quarter of the previous year, with an increase of 33.1 per cent.

A statement issued after a meeting of the company’s board of directors yesterday said the company also achieved an operating profit in the second quarter of BD1,477,248 compared with BD1,314,006 in the same period of last year, an increase of 12.4pc.

With regards to revenue/sales, the company achieved BD8,821,503 during the second quarter, compared with BD7,612,005 in the second quarter of last year, with an increase of 15.9pc.

Earnings per share during the second quarter were BD13.21 fils compared with BD9.92 fils in the same quarter of last year.

The increase in the net profit relates to an increase in revenues of BD1,209,498, generating a gross profit of BD606,012.

In addition, investment income increased by BD304,822 during the quarter.

With regards to the half-year financial results, the company achieved a net profit of BD4,637,243 compared with BD3,614,892 in the previous year, representing an increase of 28.3pc.

The company also achieved an operating profit during the half year of BD2,963,302 compared with BD2,638,595 of last year, an increase of 12.3pc.

Profit from investments recorded an amount of BD1,673,941 compared with BD976,297 last year, representing a growth of 71.4pc.

With regards to revenue/sales, the company achieved BD17,429,898 compared with BD15,079,674 last year, with an increase of 15.6pc.

The increase in the net profit for the half year end in comparison to last year relates to good volume growth in sales with an increase of BD2,350,224 increasing gross profits by BD1,143,882. Earnings per share were BD32.59fils compared with BD25.41fils in the previous year.

Chairman Farouk Yousuf Almoayyed said the company has succeeded in achieving outstanding financial results during the first half of the year, and thanked the executive management and all the employees of the company for their hard work and continuous efforts. He also expressed his confidence in the executive management continuing to achieve further growth during the remainder of 2018.

Managing director Abdulla Buhindi said, “We have focused our efforts on increasingly supporting sales processes that have contributed to an increase in the average transaction value, including upgrading our customer service efficiency.”

The total shareholders’ equity for the year was BD51,101,362 compared with BD49,951,527 last year, up by 2.3pc. Total assets for the half year end reached BD58,235,038 compared with BD56,746,790 in the previous year, an increase of 2.6pc.

The board of directors has recommended a dividend of 20pc of the share capital, equivalent to 20 fils per share to the shareholders registered as of August 14.

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