Bahrain Car Parks Company's net profit up 7% in Q1

The kingdom's parking management and property leasing sector, has registered a 44% growth in its net profit for the first three months

  
General view of Bahrain World Trade Centre in Manama, Bahrain, June 20, 2019. Image used for illustrative purpose

General view of Bahrain World Trade Centre in Manama, Bahrain, June 20, 2019. Image used for illustrative purpose

REUTERS/ Hamad I Mohammed

Bahrain Car Parks Company, a key player in the kingdom's parking management and property leasing sector, has registered a 44 per cent growth in its net profit for the first three months which rose to BD199,000 ($525,062) from BD137,000 ($361,475) last year.
 
Announcing its financial results for the three-month period ended March 31, Bahrain Car Parks Company said the basic and diluted earnings per share were seen at 1.82 fils, compared to 1.26 fils for the same period in 2020. The total comprehensive income too surged by 716% to hit BD144,000 over BD 18,000 reported in the previous year.
 
However, there was a 7% decline in operating income which fell to BD437,000 from BD468,000 for the same period in 2020.
 
Total equity attributable to the shareholders of the company amounted to BD19.2 million compared to BD 19.7 million for the year ended December 31, 2020, which represents a decrease of 2 per cent.
 
The company's assets were put at BD20.4 million, 1% higher compared to BD20.2 million in the previous year.
 
Commenting on the results, Chairman Amin Alarrayed said: "We are delighted with the resilience of our financial results for the first quarter of the 2021. The company continues to invest in world class technologies and solutions to upgrade the customer journey for both public and private clients."
 
"We will be making significant announcements soon, specifically with regard to technological improvements at our facilities," he noted.
 
CEO Tariq Ali Aljowder said: "Despite the continuing effects of the pandemic on our business, we achieved good results 44% up from the same period last year. We are confident of delivering on our strategy successfully with the aim of transforming our business ecosystem into parking services and beyond."
 
Established in October 1981, Bahrain Car Park is a public company that has been listed on the Bahrain Bourse since March 2006. It operates in the commercial and professional services sector.-TradeArabia News Service

Copyright 2021 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities