MANAMA: Bahrain Car Parks Company (Amakin) BSC yesterday announced its financial results for fourth quarter of 2021 and for the year ended December 31, 2021.

The company achieved a net profit of BD234,000 for the three months ended December 31, 2021, compared to BD105,000 reported for the same period in 2020, an increase of 123 per cent. Basic and diluted earnings per share were at 2 fils compared to 1 fils for the same period last year.

Total comprehensive income for the fourth quarter of the year was BD294,000, 59pc higher compared to BD185,000 reported for the same period last year. The company reported an operating profit of BD215,000 compared to BD98,000 for the same period in 2020, an increase of 119pc.

As for the company’s financial results for the year ended December 31, 2021, net profit reached BD776,000 compared to BD658,000 reported for last year, an increase of 18pc. Basic and diluted earnings per share were at 7 fils, compared to 6 fils for the same period in 2020.

The company reported a total comprehensive income of BD678,000, 12pc higher compared to BD605,000 reported in the previous year, and a 34pc increase in operating profit, BD708,000 compared to BD529,000 for the same period in 2020.

Total equity attributable to the shareholders of the company amounted to BD19.78 million for the year ended December 31, 2021, compared to BD19.65m for the year ended December 31, 2020, which represents an increase of 1pc. The company’s assets were at BD20.4m for the year ended December 31, 2021, almost in line with BD20.2m in the previous year, which represents an increase of 1pc.

Amakin’s board of directors recommended distributing annual dividends to shareholders representing 6pc of the company’s paid-up capital, equivalent to 6 fils per share, subject to the AGM approval.

Commenting, Amakin chairman Amin Ahmed Alarrayed said: “The board’s three-year journey with Amakin has marked milestones, leaving a positive imprint on the industry and resulting in increased shareholder value. The new brand, Amakin, leverages Bahrain Car Park’s well-earned reputation for reliability and steadfastness, aligned with the approved five-year growth strategy. We recognise the value of a direct, digital and interactive strategy realising long-term goals.”

Chief executive officer Tariq Ali Aljowder said: “We are pleased to report a strong performance in 2021, concluding a challenging year in which we demonstrated resilience as we braced for another year in the face of Covid-19. We have made significant progress in implementing the planned strategic measures, and we are confident that we will return even stronger in 2022. I take great pride in our teams’ leadership and ability to perform with agility. We are optimistic about Amakin’s future, owing to our values, strong financial position, and diverse portfolio.”

Established in October 1981, Bahrain Car Park Company (Amakin) is a public company that has been listed on the Bahrain Bourse since March 2006. The Company operates in the commercial and professional services sector and specialises in parking management and property leasing.

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