Bahrain Car Parks Company (Amakin) has seen its 2022 fully year (FY) net profit rise 4% to BD809,000 compared to BD776,000 reported for last year. Basic and diluted earnings per share were at 7 fils, compared to 7 fils for the same period in 2021.
Meanwhile, for the fourth quarter of 2022, company’s net profit soared 54% to BD360,000, compared to BD234,000 reported for the same period in 2021. Basic and diluted earnings per share were at 3 fils compared to 2 fils for the same period last year.
Total comprehensive income for the fourth quarter of the year was BD479,000, 63% higher compared to BD294,000 reported for the same period last year. The company reported an operating profit of BD400,000 compared to BD215,000 for the same period in 2021, an increase of 86%.
The company reported a total comprehensive income of BD808,000, 19% higher compared to BD678,000 reported for the same period in 2021, and a 23% increase in operating profit, BD874,000 compared to BD708,000 for the same period in 2021.
Total equity of the company amounted to BD19.92 million for the year ended December 31, 2022, compared to BD19.78 million for the year ended December 31, 2021, which represents an increase of 1%. The company's assets were at BD20.6 million for the year, compared to BD20.4 million in the previous year, which represents an increase of 1%.
Bahrain Car Parks Company (Amakin)’s board of directors recommends distributing annual dividends to shareholders representing 6% of the company’s paid-up capital, equivalent to 6 fils per share, subject to the AGM approval.
Amakin Chairman Amin Alarrayed said: “The year 2022 has demonstrated that our community is expanding, and I am thrilled with the level of engagement across the kingdom. The breakthroughs we are making in technological integration are important drivers of this. We intend to become a stronger and more adaptable company in 2023 through efficiency, strategic partnerships, and innovation.
Amakin will prosper from the, kingdom’s ongoing expansion of sites and significant mobility strategy. We are confident that the increased number of sites and operating leverage will result in increased revenue and profitability in the future years.”
Amakin Chief Executive Officer Tariq Ali Aljowder said: “Our 2022 results demonstrate the resilience of Amakin's parking services, as well as our ability to provide seamless experiences to our clients and ultimate consumers in a dynamic environment. And we are delighted to announce that our net profit for the year improved by 4% in 2022, as compared to the previous year. For 2023, we want to ensure that our stakeholders can reap the true value of our investments in technology and innovation as we gear up to launch the 2nd phase of our mobile application, adding new features to allow seamless transactions from anywhere, amongst many other key initiatives.”
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