BMMI 2011 sales revenue edges up to $232m
Manama, February 13, 2012
BMMI, the Bahrain-based diversified multinational retail and distribution, logistics and supply chain group, saw sales revenue grow to BD87.3 million ($231.6) last year, up from BD84.7 million the previous year.
While the net profit of BD6.7 million was down from the BD9.2 million achieved in 2010, this was in part due to an increase in costs and expenses associated with strategic investments for the future
This was reflected in an overall increase in assets from BD61.2 million to BD 63.1 million.
Though the overall financial performance was adversely affected by the troubled regional and international markets in early 2011, operational performance continued to grow from strength to strength, with a number of exciting new projects underway.
A new Alosra supermarket opened in Amwaj is already delivering considerable returns and the organisation is looking for further strategic locations in Bahrain, plus expansion into Eastern Saudi Arabia.
"Though it was a difficult year, BMMI weathered the storm well and remains a solid, dependable and consistent investment for shareholders," said chairman Abdulla Buhindi.
"Our long-term strategy to develop and expand business outside Bahrain also really proved itself this year. We remain optimistic about our future."
The group's operations in Africa continue, with a presence now in six countries, including a new supply chain base established in Kenya. A full strategic review of the group with a focus on supply chain was also completed, resulting in on-going infrastructure improvements and an integrated management system being rolled out.
Overall, BMMI operations continue to be strengthened in all areas to ensure the continued success of the company.
"Despite challenging conditions, I'm proud to say that we increased our revenues to become stronger than ever in 2011," said chief executive Gordon Boyle.
"One of the things I'm most proud of is that all through the year we continued our search for new business opportunities to fulfil our strategic expansion plans. I think that level of dedication and commitment came down to our underlying values and who we are as a company. We will continue to strengthen and develop our unique corporate culture in recognition of that." – TradeArabia News Service