Bahrain Announces $8.9 Million First Half Profits
09 August 2016
Bahrain Duty Free has announced a net profit of $8.9 million for the first six months of 2016, a 35% fall from the last year’s equivalent figure.
Compared with last year’s earning’s, which amounted to $13,805,798, profits were down by $ 4,887,002 or 35.4%.
The company said the main reason for the decrease “relates to a fall in investment income where a one-off profit was realized last year on the disposal of an investment asset”. Basic earnings per share amounted to 6.9 US cents compared 10.7 US cents last year.
Total sales for the six months ended 30th June 2016 were $36,658,109 compared to $35,989,196 last year an increase of $668,913 or 1.9%. Shareholders’ equity was $128,261,920, compared to $129,564,883 last year. The reduction in equity is mainly due to a dividend payment during the year, the company added.
In the three months ended 30th June, net profits were $4,131,334 compared to $7,624,432, a decrease of 45.8 % mainly due to a fall in investment income where a one-off profit on disposal of an investment asset last year occurred. Sales recorded were $18,096,186, compared to $19,040,721 last year, a decrease of 5%.
Commenting on the results, chairman Farouk Al Moayyed, said the Board of Directors has recommended a cash dividend of 20% to the shareholders valued at 5.3 US cents per share.
The company also said that profit from investments were $2,752,013, compared to $5,730,210 last year, representing a decline of $2,978,197 or 52%, due to profits earned last year on the sale of an investment property. The Investment portfolio increased by 14.9% to $83,631,719.
Bahrain Duty Free has also started the planned upgrading of all shops in the departures area, in line with company’s strategy to “provide customers with a better shopping experience at the Bahrain International Airport”.