Bahrain Duty Free ‘is upbeat about growth’

Bahrain Duty Free Shop Complex had a good start to the year and things are looking more positive than a year ago, chairman Farouk Almoayyed has said.

Speaking on the sidelines of the annual general meeting of the company’s shareholders at the Downtown Rotana yesterday, he said the company, which is now operating as a holding company transforming from retail operations earlier, would continue to seek expansion opportunities in the GCC region, with a particular focus on Saudi Arabia.

Bahrain Duty Free Shop Complex has reported a net profit of BD920,192 during the fourth quarter of 2022 compared to BD453,215 for the same quarter of the previous year, representing an increase of 103 per cent.

Earnings per share during the quarter were 6.47 fils compared to 3.19 fils in the same quarter of last year. The increase in net profit in the quarter is due mainly to an increase in investment income.

For the full year ended December 31, 2022, the company achieved a net profit of BD3,688,930 compared to BD2,139,215 in the previous year, representing an increase of 72.5pc.

Earnings per share as of December 31, 2022 were 25.93 fils compared to 15.04 fils last year.

Commenting on the results, Mr Almoayyed stated that the strong performance was derived mainly from the joint venture company which realised good sales and profits in the quarter and year to date.

“Last year was a challenging year for the global economy with persistent inflation pressures and consequent interest rates hikes by central banks around the world to combat inflation. Despite this, the company has managed its investments well and with business confidence improving, the performance has been very impressive and the outlook is positive.

Bahrain Duty Free Company (BDFC) is the new joint venture between Bahrain Duty Free Shop Complex, holding 55pc stake, and Gulf Air Group Holding (GFG) which holds 45pc stake.

BDFC commenced operations in January 2021 as the operator of shops at the departures and arrivals areas within Bahrain International Airport and also operates a shop at Khalifa Bin Salman Port Shop in Hidd.

The stores are managed by Aer Rianta International (ARI) under a management contract.

The meeting also saw shareholders’ approval of cash dividend of 30pc, equivalent to 30 fils per share.




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