Bahrain Car Parks Company (Amakin), a specialist in parking management and property leasing, has recorded a 72% jump in its net profit for the first six months soared to BD515,000 ($1.35 million) from BD300,000 (790,722) last year, while its operating income for the period surged by 25% to hit BD1.35 million ($3.6 million) over last year's BD1.08 million ($2.85 million).
Announcing its financial results for the six-month period ended June 30, 2023, Amakin said its total comprehensive income rose to BD496,000, up 99% over BD249,000 last year. Its basic and diluted earnings per share stood at 4.71 fils, compared to 2.75 fils for the same period in 2022.
On the second quarter results, the Bahrain company said its net profit reached BD242,000 compared to BD136,000 reported for the same period in 2022, an increase of 78%. Basic and diluted earnings per share were at 2.21 fils, compared to 1.25 fils for the same period in 2022.
The company reported a total comprehensive income of BD237,000, up 259% compared to BD66,000 reported for the same period in 2022, and an increase of 24% in operating income, BD678,000 compared to BD546,000 for the same period in 2022.
Total equity amounted to BD 19.76 million compared to BD 19.92 million for the year ended 31 December 2022, which represents a decrease of 1%. The company's assets were at BD 20.99 million, 2% higher compared to BD 20.59 million for the year ended 31 December 2022.
On the Q2 performance, Chairman Amin Alarrayed said: "It has been another exceptional quarter for Amakin, marked by substantial growth in our profits. Building on the successes of 2023 and the year before, we continue to transform Bahrain's parking ecosystem and reinforce our position as a regional market leader."
"We have successfully signed a 15-year Usufruct Agreement with the owning government authority for the Capital Municipality Multistorey Car Park Building, to be operated and managed by Amakin. Maintenance has already started, and the building is expected to fully operational and launched by August of 2023," he noted.
"Furthermore, our management of the Bahrain Airport car park system maintenance illustrates our critical infrastructure maintenance experience. We are committed to surpassing expectations and delivering value to our stakeholders and society while also contributing to the development of the Kingdom's infrastructure," he added.
CEO Tariq Ali Aljowder said the second quarter was a transformative period for Amakin, highlighted by ground-breaking achievements and unrivaled commitment to our vision.
"One of our biggest triumphs this quarter was the signing of a 15-year Usufruct Agreement with the owning government body of the Capital Municipality Multistorey Car Park Building, a cutting-edge car park complex to be operated and managed by Amakin. This facility not only meets the increasing demand for parking solutions, but it also demonstrates our ability to construct innovative and sustainable infrastructure," he noted.
"Additionally, our strategic agreement with Bahrain Airport to oversee their car park system maintenance has cemented our reputation and solidified our image as a trusted industry leader," he added.
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