MANAMA: Bahrain Duty Free Shop Complex announced the financial results for the year ended 31 December 2019 at a meeting of its board of directors yesterday.

Board chairman Farouk Almoayyed said that the company had achieved a net profit of BD1,182,108 in the fourth quarter of 2019 compared with BD779,572 in the previous year’s corresponding quarter representing an increase of 51.6 per cent. This growth came from an increase of 11.6pc in operating profits which were BD1,703,454 compared with BD 1,526,896 in the previous year and strong growth in sales.

Revenues of BD9,873,219 were achieved during the fourth quarter compared with BD9,297,460 in the same quarter of the previous year representing an increase of 6.2pc.

Investment income in the quarter was a negative BD520,876 due to impairment provisions taken, while the investment has declined with an improvement on last year’s figure thereby giving a positive increase of 30.3pc quarter on quarter.

Earnings per share are 8.31 fils compared with 5.48 fils in the corresponding quarter of the previous year.

Total comprehensive income was BD1,555,544 compared with BD824,980 in the same period of last year, an increase of 88.6pc.

For the full year 2019, the company achieved a net profit of BD7,498,653 compared with BD7,469,566 in the previous year representing an increase of 0.4pc. Revenues of BD37,605,146 were achieved during 2019 compared with BD36,402,364 in the previous year representing an increase of 3.3pc.

Operating profits grew by 5.2pc from BD6,099,755 to BD6,416,039 in 2019, while investment income recorded a figure of BD1,082,464 compared with BD1,369,811 in 2018, a reduction of 21pc. The decline in investment income being due mainly to impairment provisions taken in the investment portfolio and reduced dividend income. Basic earnings per share is 52.71 fils for 2019 as compared with 52.50 fils in 2018.

Total comprehensive income for 2019 was BD8,909,139 compared with BD7,869,074 in the previous year, an increase of 13.2pc.

Total shareholders’ equity for the year stands at BD52,918,181 compared with BD 51,247,515 in the previous year, up by 3.3pc while total assets are BD61,987,257 compared with BD59,128,446 in the previous year, an increase of 4.8pc.

Commenting on the results, Mr Almoayyed said that 2019 had produced excellent results. Based on these results, the board of directors have recommended the distribution of dividends of 50pc of the share capital, equivalent to 50 fils per share subject to shareholder approval.

Managing director Abdulla Buhindi added that the Bahrain International Airport development programme is still progressing and is on track to be ready for the opening of the new airport.

“Our project team is working hard to ensure our state of readiness and we are confident of delivering a world class shopping experience in the new airport on opening date.”

“The new terminal is one of the largest individual projects undertaken within Bahrain and we are delighted to be part of it. We are also committed to continue to seek out other opportunities that are in line with our vision to enable us to pursue our growth and success in the years to come.”

The full set of financial statements are available on Bahrain Bourse’s website.

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