Bahrain Car Parks Company operating income rises 25%

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MANAMA: Bahrain Car Parks Company has achieved a net profit of BD170,000 for the three months ended June 30, 2021, compared with BD285,000 reported for the same period in 2020, a decrease of 41 per cent.

Basic and diluted earnings per share were at 1.55 fils compared with 2.61 fils for the same period last year.

Total comprehensive income for the second quarter was BD71,000, 74pc lower compared to BD276,000 reported for the same period last year.

The company reported an operating income of BD444,000 compared to BD355,000 for the same period in 2020, an increase of 25pc.

For the six months ended June 30, 2021, net profit reached BD368,000 compared to BD423,000 reported for the same period last year, a decrease of 13pc, which is primarily due to the drop in demand for the company’s main services resulting from the precautionary measures taken by the government to ensure effective social distancing in its efforts to combat the Covid-19 pandemic.

Basic and diluted earnings per share were at 3.37 fils, compared to 3.87 fils for the same period in 2020.

The company reported a total comprehensive income of BD215,000, 27pc lower compared to BD294,000 reported in the previous year, and a 7pc increase in operating income at BD881,000 compared to BD823,000 for the same period in 2020.

Total equity attributable to the shareholders of the company amounted to BD19.3 million compared to BD19.7m for the year 2020, which represents a decrease of 2pc.

The company’s assets were BD19.9m, 1pc lower compared to BD20.2m in the previous year.

Commenting, Bahrain Car Parks Company chairman Amin Alarrayed said: “The company proved to be resilient in face of a challenging environment. In line with our five-year strategy which is focussed on adopting the latest technologies, we will continue to expand our presence in the market as we collaborate with the private and public sectors to enhance our customers’ experiences.”

Chief executive Tariq Aljowder said: “Despite the continued adverse effects imposed by the pandemic on the global economy, we are happy to report positive results for the second quarter of the year. We are optimistic that our operations will recover during the next months till year end as we are planning to launch additional initiatives to diversify our portfolio of services.”

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