Sunday 20 January 2019

Bahrain Duty Free posts $9.5m H1 net profit

MANAMA, August 8, 2017

Bahrain Duty Free has reported a net profit of $9.5 million for the first half of the year, an increase of 7.5 per cent compared to last year's earning’s of $8.9 million, the company said in a statement.

Total sales for the six months ended June 30, 2016 were $39.9 million, up 9.1 per cent compared to $36.6 million in the same period last year.

Shareholder’s equity as of June 30 stands at $134.5 million compared to $134.6 million reported last year and basic earnings per share rose to 6.7 US cents.

In the three months ended June 30, sales were $20.19 million compared to $18.09 million last year - an increase of 11.6 per cent. Operating profits grew 18.7 per cent to $3.4 million, while net profits were $3.7 million, a decrease of 9.3 per cent compared to the same quarter last year. The reduction is due to a fall in dividend income from the Investment portfolio.

Commenting on the results, the chairman Farouk Almoayyed said the company had achieved a solid six month performance and the Board of Directors have recommended a cash dividend of 20 per cent to the shareholders valued at 5.3 US cents per share.

Abdulla Buhindi, managing director, added that profits from investments recorded an amount of $2.42 million compared to $2.78 million last year, representing a decline of 12.8 per cent due to reduced dividend income in the period. The investment portfolio increased by 20.1 per cent to $103.43 million.

He went on to say that the company’s upgrading of all shops in the departures area is now complete and has had a direct impact on the increase of sales and passenger average spends in the first half of the year.

He said that the company remains focused on delivering a first class customer service and unique shopping experience for all our customers. - TradeArabia News Service

Tags: Bahrain | profit | Net | Free | duty | H1 |

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