Bahrain Maritime & Mercantile International (BMMI Group) has reported record revenues of BD87.2 million ($231.3 million) for 2009 compared to BD80.4 million the previous year.

Net profit of BD9 million was the fourth highest in the group's history, while shareholders' funds increased to BD44.9 million, up  10.7 per cent over 2008, resulting in an improved  return-on-equity  (RoE) of 20 per cent.

A key financial highlight of the year was a dramatic increase in the group's  liquidity, with cash and short-term deposits almost doubling  to over BD12.0 million compared to BD6.7 million in 2008, said a spokesperson.

Total operating profit dropped in 2009 to BD8.7 million from BD9.6 million the previous year, largely reflecting higher general and administrative expenses.

Total assets decreased from BD62.4 million in 2008 to BD57.8 million in 2009, due to a reduction in inventories and trade receivables.

Earnings per share rose from Bahraini fils 73 to Bahraini fils 87, representing an increase of over  19 per cent.

'Given the difficult and demanding market conditions that characterised 2009, the Group's exceptional financial performance must rank as one of the most successful during BMMI's long history,' said BMMI Group chairman, Abdulla Buhindi.-TradeArabia News Service