Bahrain Car Parks Company's net profit up 44pc in Q1
MANAMA, May 9, 2021
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 BD18,000 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
