Bahrain Duty Free Sees 28.5% Rise In Q1 Profits
Bahrain Duty Free Shop Complex (BDFSC) has announced a 28.5% rise in its profits for the first quarter of 2015.
ARI is a shareholder in Bahrain Duty Free as well as having a management contract to run the duty free operations there. ARI Middle East is also headquartered in Bahrain and has been operating there since 1991.
Commenting on the results, Bahrain Duty Free Shop Complex Managing Director Abdulla Buhindi said that the company had produced another solid performance in the first quarter of 2015 on the back of strong passenger growth, an improved selection of goods, as well as active marketing campaigns and good customer service.
The Group posted a net profit of $6,181,366, up from $4,808,928 for the same period last year. Basic earnings increased by 30.1% to 5 cents per share.
BDFSC reported a 2.8% rise in gross revenues for the quarter to $17,483,398 – compared to $17,007,090 in 2014.
Investment income for the quarter performed well with an income of $ 3,232,188 compared to $1,895,838 in the same quarter last year. This 70.5% increase includes a capital gain of $1,298,947 on the back of an investment property disposal.
The investment portfolio grew 3.3% in the quarter and now stands at $79,133,186.