Bahrain Duty Free announces US$ 15.5 million net profits for the nine month ended 30 September of 2017
Release Date: Tuesday 7th November 2017
Bahrain Duty Free Shop Complex at a meeting of its board of directors on Tuesday 7th November 2017, announced the financial results for the nine months ended September 30 2017. Mr. Farouk Yousuf Al Moayyed – Chairman of the Board, stated that for the nine months ended 30 September 2017 the Company has achieved net profits of US$ 15.5 million, representing an increase of 9.1% compared to last year’s net profit of US$ 14.2 million. Sales also grew 9.0% to US$ 62.2 million compared to prior year’s sales of US$ 57.1 million.
The Chairman continued by mentioning that Shareholder’s Equity as at 30th September stands at US$ 131,803,500 compared to US$ 134,671,342 last year and earnings per share rose 9.1% to 10.9 US Cents compared to last year’s figure of 10.0 US Cents per share.
In the three months ended 30th September, sales were US$ 22,248,135 compared to US$ 20,338,979 last year which represents an increase of US$ 1,909,156 or 9.4%. Net profit of US$ 5,955,798 recorded an increase of 10.5% compared to prior year quarter.
Mr.Abdulla Buhindi – Managing Director, added that profits from Investments recorded an amount of US$ 4,309,862 compared to US$ 4,092,764 last year, representing an increase of US$ 217,098 or 5.3%. The Investment portfolio increased by 19.9% during the year and now stands at US$ 103.2 million.
He went on to say that the Company’s upgrade of all shops in the departures area had a direct impact on the increase of sales during the year. He concluded by stating that the Company remains focused on delivering first class customer service and unique shopping experience for all our customers.
Mr. Farouk Al Moayyed
Mr. Abdullah Buhindi