Bahrain Duty Free plans $2.6m revamp
Manama, March 12, 2014
Bahrain Duty Free Shop Complex (BDFSC) is investing nearly BD1 million ($2.65 million) to renovate its stores at the Bahrain International Airport, a senior company official has said.
BDFSC general manager Fadi Allam told the Gulf Daily News, our sister publication, that the renovation of the arrivals shop was complete and the departures shop would be refurbished in two stages later this year.
"The company would also be bringing in new fashion brands and adding to its offerings and continue the strong marketing campaign," he said on the sidelines of the company's Annual General Meeting at the Gulf Hotel yesterday.
Earlier, announcing the results for last year, chairman Farouk Almoayyed told shareholders that the year was challenging with passenger volume reducing by 8.2 per cent and the sales mix changing, thus affecting the gross margin.
The company reported a drop in sales from $72.9 million in 2012 to $69.1 million last year.
Sales in the fourth quarter of last year were $18.5 million versus $19.4 million in the same quarter of 2012.
However, the company said its full-year net income grew to $17.1 million from $16.9 million earlier, while the fourth quarter produced a net income of $3.6 million, up 5 per cent from the 2012 figure of $3.4 million.
"Strong investment returns and good financial discipline helped the company maintain net profit levels," Almoayyed said.
"Marketing campaigns helped to increase passenger spending by 5pc with average transactional value also rising.
"Major increases in some product categories were achieved despite reduction in customer penetration rates," he added.
Earnings per share were 16 cents. Total equity on the balance sheet was $110.4 million, representing a growth of 10.7 per cent on previous year.
Almoayyed said the board of directors had recommended the distribution of a cash dividend of 55 per cent.
BDFSC managing director Abdulla Buhindi said the company completed two major projects last year in the relocation of the company's headquarters to a new location beside the airport and the renovation of the arrivals shop.-TradeArabia News Service