Bahrain Duty Free posts $5.3mln profit

MANAMA: Bahrain Duty Free Shop Complex achieved a net profit of BD2,020,044 during the third quarter of 2019 compared with BD2,053,852 for the same quarter of the previous year, representing a decrease of 1.6 per cent.

This was announced after a meeting of the company’s board of directors yesterday approved financial results for the nine months ended September 30, 2019.

Chairman Farouk Almoayyed said the company achieved an operating profit in the quarter of BD1,653,533 compared with BD1,610,557 in the same period of last year, an increase of 2.7pc.

Total comprehensive income rose to BD2,479,094 compared with BD2,225,852 in the previous year representing an increase of 11.4pc.

Revenues in the third quarter achieved BD9,462,027 compared with BD9,675,006 a decrease of 2.2pc.

Earnings per share during the quarter were 14.20 fils compared with 14.43 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 nine months ended September 30, 2019, the company achieved a net profit of BD6,315,545 compared with BD6,690,094 in the previous year representing a decrease of 5.6pc, mainly due to decrease on investment income as mentioned.

The company achieved an operating profit during the nine months of BD4,712,585 compared with BD4,573,859 last year, an increase of 3pc.

Total comprehensive income for the nine months were BD7,353,595 compared with BD7,044,094 in the previous year, representing an increase of 4.4pc.

Revenues for the nine months were BD27,731,927, a growth of 2.3pc compared with BD27,104,904 last year.

Earnings per share as of September 30, 2019 were 44.39 fils compared with 47.02 fils in the nine months last year.

Managing director Abdulla Buhindi said profits from investments recorded BD1,602,960 for the nine months compared with BD 2,117,235 in the same period last year representing an decrease of 24.3pc, mainly to a decrease in investment income.

He went on to say that efforts have been focussed on increasingly supporting the sales process that has contributed to an increase in the average transactional value including customer service efficiency.

Total shareholders’ equity for the period ended September 30, 2019 was BD51,370,343 compared with BD51,247,415 at December 31, 2018, up by 0.2pc.

Total assets as at September 30, 2019 are BD58,968,849 compared with BD59,128,446 at December 31, 2018, a decrease of 0.3pc.

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

He concluded by thanking the executive management and all employees of the company for their hard work and continuous efforts in achieving outstanding results.

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