Bahrain Duty Free Reports Strong Q3 Results
Bahrain Duty Free reports 15.2 Million US Dollar Profits in Nine Months of 2014
Bahrain Duty Free Shop Complex (BDFSC), which is managed by ARIME has announced its financial results for the third quarter ended 30 September 2014. The Company achieved a net income of US $5.9m up on same quarter last year by 44.7%. This exceptional growth came on the back of the disposal of an investment where a profit of US$1.4m was earned. Sales in the third quarter were US$18.3m ahead of last year by 4.6%, while operating costs were down 2%. Profits before Investment income were 8.9%.
In the nine months, the Company achieved a net profit of US$ 15.2 million ahead of last year by 12.3%. Earnings per share at 14.2 US cents are also up by 13.0%. Passengers travelling through the Airport during the nine month period were 4.7 million and rose by 10.8% contributing significantly to the sales performance of US$54.9m an increase of 8.6% compared to last year. Operating costs were controlled well and grew by 2.1% only in the nine months. As a result, operating profits have increased by 11.4%. Investment income of US$6.7m also grew by 28.2% for the nine months. Total Equity on Company’s Balance Sheet is US$111.9m representing a growth of 1.4% in the period.
Commenting on the results, the Chairman Mr. Farouk Al Moayyed, said: that the first nine months profits were excellent and complemented the Company’s operational and investment strategies. In addition to passengers, the marketing campaigns, product variety and enhancement to Customer service impacted on increasing the sales.
Mr. Buhindi Added, that the Company is committed to continue its renovation and upgrading of the shops in the Airport and has already completed phase one of the capital project. Phase two will commence in the near future.