Bahrain Duty Free posts BD2.6m profit

MANAMA: Bahrain Duty Free Shop Complex has reported a net profit of BD2,577,455 for the three months ended March 2019.

The company said in a statement yesterday that when compared with last year’s earnings of BD2,756,939, net profit is down by BD179,484 or 6.5 per cent.

Chairman Farouk Almoayyed said the basic earnings per share for the quarter amounted to 18.11 fils compared with 19.38 fils last year.

Total sales for the three months under review were BD9,344,275 compared with BD8,608,395 for the same period last year, which is an increase of BD735,880 or 8.5pc.

Shareholders equity for the quarter was BD50,093,049 compared with BD51,248,146 last year.

Total operating profit was BD1,588,545 compared with BD1,486,053 earlier, representing an increase of BD102,492 or 6.9pc.

Total comprehensive income was BD3,156,455 compared with BD2,970,939 in the previous year representing an increase of BD185,516 or 6.2pc mainly due to other comprehensive income for the year which was BD579,000 as against BD214,000 last year.

The company’s managing director Abdulla Buhindi said, profit from investments amounted to BD988,910 compared with BD1,270,886 last year, representing a drop of BD281,976 or 22.2pc.

The investment portfolio increased by 1.4pc to BD43,317,895.

According to Mr Buhindi, the Bahrain International Airport Development Programme is progressing well with a significant completion rate so far.

The project is expected to improve the travel experience and provide quality services to all customers.

He thanked the executive management and all the employees of the company for their hard work and continuous efforts in achieving these outstanding results.

Source: http://www.gdnonline.com/Details/539202