Bahrain Duty Free net profit up 8pc in H1
Manama, August 14, 2013
Bahrain Duty Free Shop Complex achieved a net profit of BD3.562 million ($9.39 million) for the first half of the year, an increase of eight per cent compared with the same period in 2012.
Earnings per share rose to 33 fils, up from 30.5 fils per share, according to a report in the Gulf Daily News, our sister publication.
For the second quarter, net income rose to BD1.934 million, recording an increase of 36 per cent over the same quarter in 2012.
Total equity rose by 5.7 per cent to BD39.7 million.
"The first-half year profits were impressive, despite the challenging business climate," said chairman Farouk Almoayyed.
The board has recommended a cash dividend of 20 per cent to the shareholders valued at 20 fils per share.
"The company is currently working on several development projects in line with its strategy to provide high levels of efficiency and excellence in service to travellers including the refurbishment and upgrade of the arrivals duty-free shop at Bahrain International Airport," said managing director Abdullah Buhindi.
"The project will commence next month and is expected to finish in November.
"The company is gearing up to transfer from its current headquarters located in Juffair to a new location adjacent to Bahrain International Airport.
"It is important for the company's headquarters to be close to where the company runs its core operation," he said. "The office move is expected to occur in September," he added. – TradeArabia News Service