Bahrain Car Parks standing strong

MANAMA: Bahrain Car Parks Company has reported net profit of BD130,000 for the quarter ended September 2020, compared with BD256,000 in the same period in 2019, a decrease of 49 per cent.

Basic and diluted earnings per share were at 1.19 fils compared to 2.34 fils for the same period last year.

Total comprehensive income for the quarter was BD126,000, 49pc lower compared with BD246,000 reported for the same period last year.

Operating income was BD391,000 compared to BD493,000 for the same period in 2019, a decrease of 21pc.

For the nine months ended September 2020, net profit was BD553,000 compared to BD617,000 reported for the same period last year, a decrease of 10pc primarily due to the drop in demand for the company’s main services resulting from the precautionary measures taken by the government to combat the Covid-19 pandemic.

Basic and diluted earnings per share were at 5.06 fils, compared with 7.32 fils for the same period in 2019.

The company reported a total comprehensive income of BD419,000, 18pc higher compared with BD356,000 reported in the previous year, and a 6pc increase in operating income to BD1.2m compared to BD1.1m for the same period in 2019.

Total equity amounted to BD19.5m compared to BD19.6m for 2019, which represents a decrease of 0.5pc.

The company’s assets were at BD20m, 1pc lower compared to BD20.2m in the previous year.

Bahrain Car Parks Company chairman Amin Alarrayed said, “The challenges imposed by the Covid-19 pandemic are unprecedented and have adversely impacted the operations of businesses across the globe. Bahrain Car Parks Company has been standing strong in the midst of the storm, a position that could not be achieved without the tremendous support received from the government and the dedicated effort of the management and the team.”

The company’s chief executive Tariq Aljowder said, “The company, represented by its board of directors and its employees, contributed great efforts to sustain the shareholder value during these difficult times. In support of the government’s direction to contain the pandemic, the company will continue to provide the services within its scope to the team of the Covid-19 national call centre.”

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