Bahrain Duty Free Reports Strong Increase In Profits
Bahrain Duty Free announced its financial results for the nine months ended September 30 2015. The Company achieved a net profit of US$ 18,856,517 an increase of 23.9% compared to same period last year.
Basic earnings per share increased 24.4% to 16.1 us cents per share.
For the third quarter of 2015, the Company posted a net profit of US$ 5,050,719 representing a decline of 14.8% compared to the same period last year. The decline relates to higher 2014 investment income from profits on disposals of investments. The financial results for 2015 show an increase of 3.2% in shareholder equity from US$ 118,674,575 (2014 year-end) to US$ 122,433,639.
The Group reported Gross Revenues of US$ 57,277,658 (US$ 54,927,557 in 2014) achieving a 4.3% growth.
Commenting on the results, the Chairman Mr. Farouk Almoayyed, said: that the nine months profits were excellent and complemented the Company’s operational and investment strategies.
Managing Director Mr. Abdulla Buhindi added, profits from investments in the nine months up to September were US$7,368,377 increasing by 27.3% up from US$5,786,448 last year. The investment portfolio decreased by 1.1% during the period due to the disposal of some investments.