Bahrain Car Parks Company (Amakin), a Bahraini company specialised in parking management, premium add-on services and property leasing, has reported a net profit of BD164,000 ($431,986) for the first quarter, down 18% over last year's figure of BD199,000 ($524,178).

Amakin is a Bahraini public shareholding company established in 1981; it is specialized in parking management, premium add-on services, and property leasing.

Announcing its financial results for the three months ended March 31, 2022, Amakin said the company posted a total comprehensive income of BD183,000, up 27% compared to BD144,000 reported for the same period in 2021, and an increase of 22% in operating income, BD535,000 compared to BD437,000 for the same period in 2021.

Basic and diluted earnings per share were at 1.50 fils, compared to 1.82 fils for the same period in 2021.

Total equity attributable to the shareholders of the company amounted to BD19.3 million compared to BD19.8 million for the year ended December 31, 2021, which represents a decrease of 2%. The company's assets were at BD20.7 million, 1% higher compared to BD 20.4 million for the year ended 31 December 2021.

On the financial results, Chairman Amin Alarrayed, said: "Amakin’s financial performance reflects notable success and growth with the company entering strategic partnerships. We will continue to build long-term partnerships, especially with the public sector to achieve efficiency in public parking operations."

"This is in-line with our company’s core values ‘collaboration for a better future’. This year, we aim to achieve our strategic priorities while diversifying and leveraging our resources to achieve exceptional results for our communities and fulfill Amakin’s mission to create a seamless parking ecosystem," he added.

CEO Tariq Ali Aljowder said Amakin had made a successful start into 2022, as highlighted by its positive results with an increase in operating income.

"In the past year, we successfully executed most of our planned initiatives which are tied to transforming our spaces into mobility hubs. We are confident that we will do even better in 2022, as we move into our second year of strategy implementation," he noted.

"Upcoming plans for the year include a major upgrade to our portfolio of F&B tenants in The Terminal and Amakin’s building. In addition to that, we added 1,000 parking spaces to our portfolio from Autospace Building in Diplomatic Area, with more to come in the next quarter," he added.

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