Communication - Press

Bahrain Duty Free posts BD4.3 million net profit

MANAMA: Bahrain Duty Free Shop Complex achieved a net profit of BD1,718,644 during the second quarter of 2019 compared with BD1,879,682 for the same quarter of the previous year, representing a decrease of 8.6 per cent.

The company achieved an operating profit in the quarter of BD1,493,398 compared with BD1,476,500 in the same period of last year, an increase of 1.1pc.

Total comprehensive income rose to BD2,168,644 compared with BD1,846,682 in the previous year representing an increase of 17.4pc.

Sales in the second quarter were BD8,925,625 compared with BD8,821,503, an increase of 1.2pc.

Earnings per share during the quarter were 12.1 fils compared with 13.2 fils in the same quarter of last year.

The decrease in net profit in the quarter is due mainly to a decrease in investment income.

For the six months ended June, the company achieved a net profit of BD4,296,400 compared with BD4,636,794 in the previous year representing a decrease of 7.3pc.

The company also achieved an operating profit during the half year of BD3,059,145 compared with BD2,962,554 last year, an increase of 3.2pc.

Total comprehensive income for the first six months were BD5,325,000 compared with BD4,817,594 in the previous year representing an increase of 10.5pc.

Chairman Farouk Almoayyed said the board of directors has recommended a dividend of 20pc of the paid-up share capital equivalent to 20 fils per share.

Managing director Abdulla Buhindi said profits from investments were BD1,237,240 for the six months compared with BD1,673,940 in the same period last year representing a decline of 26.1pc.

Revenues for the six months were BD18,269,000, a growth of 4.8pc compared with BD17,429,898 last year.

Earnings per share as of end-June were 30.2 fils compared with 32.6 fils in the six-month period last year.

He went on to say that “we have focused our efforts on increasingly supporting the sales process that has contributed to an increase in the average transactional value including our customer service efficiency.”

Total shareholders equity for the period ended June was BD52,195,796 compared with BD51,247,147 as of end-December, up by 1.9pc.

Total assets as of end-June were BD57,842,498 compared with BD59,128,178 as of end-December, a decrease of 2.2pc.

Mr Buhindi said the Bahrain International Airport development programme is still progressing and delivered a significant completion rate so far.

The project is expected to improve the travel experience and provide quality service to all passengers, he added.

Source: http://www.gdnonline.com/Details/582776