Bahrain Car Parks Company focused on sustainable growth

Total comprehensive income for the fourth quarter of the year was $490,433


MANAMA: Bahrain Car Parks Company achieved a net profit of BD105,000 for the fourth quarter ended December 2020, a decrease of 61 per cent compared with BD271,000 reported for the same quarter in 2019, which is due to the impact of Covid-19 pandemic on operating income, financial investments and investment properties.

Basic and diluted earnings per share were 1 fils compared with 3 fils in the fourth quarter of the previous year.

Total comprehensive income for the fourth quarter of the year was BD185,000, 32pc lower compared with BD272,000 reported for the same period of 2019.

The company reported an operating profit in Q4-2020 amounting to BD98,000, down 64pc from BD269,000 the year prior.

Results for the full year 2020 were driven by maximising the utilisation of Bahrain Car Parks Company’s assets despite the challenging conditions brought on by the pandemic.

The company reported a net profit of BD658,000 representing a 26pc decline from BD888,000 compared with 2019.

The decline is predominantly due to the Covid-19 pandemic creating a decline in demand for the company’s main services stemming from the government’s preventative measures to ensure effective social distancing to limit the spread of the novel coronavirus.

Basic and diluted earnings per share for the year stood at 6 fils compared with 10 fils in 2019.

Total comprehensive income for the year decreased by 4pc to BD605,000 compared with BD628,000 in 2019.

Operating profit for 2020 was BD529,000, compared with BD916,000 for 2019.

Total shareholders’ equity as of end-2020 amounted to BD19.65m compared with BD19.61m in 2019.

The value of the company’s assets as of end-2020 amounted to BD20.17m compared with BD20.17m as of end-2019.

Bahrain Car Parks Company’s board of directors has recommended annual dividends of 5pc of paid-up capital, equivalent to 5 fils per share.

Commenting, Bahrain Car Parks Company chairman Amin Alarrayed said, “The progress we have delivered on our growth strategy and the positive results achieved demonstrate our resilience and strength despite the effects of the pandemic on the economic and social environment. Bahrain Car Parks Company maintained profitability and the ability to pay dividends to our shareholders despite the turbulent times. We look forward to continued success in 2021 with a number of significant announcements to be made soon, specifically in regard to technological improvements at our facilities. We remain focused on executing our strategy to drive sustainable growth and value creation in line with Vision 2030.”

The company’s chief executive Tariq Aljowder also commented on the results, saying: “We are pleased with the positive results considering the difficult conditions in 2020. We continued delivering on our promise to provide customers with an improved parking experience at our car parks. One of the key milestones was the addition of the Salmaniya multi-storey parking complex to the assets under our management, providing much needed parking facilities at the kingdom’s main medical facility. Other highlights during the year include supporting our community and the government’s efforts in the face of Covid19 through rental waivers and deferrals, our contribution to ‘Feena Khair’ campaign, and providing free parking to Bahrain Covid19 Response Team at the hotline 444.

“An ambitious strategy was approved during 2020 and we have a number of ongoing initiatives aimed at taking the customer journey to elevated heights in 2021. This year, Bahrain Car Parks Company will continue to develop its asset portfolio, upgrading the parking systems, introducing contactless payment services and increasing the number of parking spaces under our management, with the aim of becoming Bahrain’s preferred mobility partner,” he added.

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