Bahrain Duty Free Shop Complex saw its half yearly net profit hit BD 5.2 million ($13.8 million), jumping 48.6 per cent compared to the same period last year.

Moreover, the company reported a net profit of BD2.8 million ($7.6 million) for the second quarter of the year, representing an impressive 70.2 per cent growth compared to the same quarter in 2014.

Basic earnings per share increased by 49.2 per cent, from 7.8 to 11.7 cents per share.

The financial results for 2015 showed an increase 5.1 per cent in shareholder equity from BD45.08 million ($118.6 million) (2014 year-end) to BD47.3 million ($124.7 million).

The group reported gross revenues of BD14.1 million ($37.1 million), up from BD13.8 million ($36.5 million) in 2014 - achieving a 1.5 per cent growth.

Profits from investments for the half year were BD2.2 million ($6.04 million), an increase of 106.3 per cent in the compared to BD1.1 million ($2.9 million) recorded last year. The investment portfolio decreased by 2.7 per cent during the period due to the disposal of some investments.

Farouk Almoayyed, chairman of the group, said: “The first six months profits were excellent and complemented the company’s operational and investment strategies.

In addition, Almoayyed said that the Board of Directors had recommended a cash dividend of 20 per cent to the shareholders amounting to 5.3 cents per share. – TradeArabia News Service