MANAMA: Bahrain Duty Free Complex announced at a meeting of its board of directors yesterday the financial results for the three months ended March 31, 2022.
Farouk Almoayyed, chairman of the board, stated that the company had achieved a net profit of BD1,101,324 compared with last year’s net profit, which amounted to BD666,464, representing an increase of BD434,860 or up by 65.2 per cent.
Mr Almoayyed stated that the company achieved better financial and a very acceptable result, and now with the gradual return of air traffic and an improvement of travellers movement, this will boost demand on the travel sector in the upcoming months and then duty-free sales to return in particular the contribution made by the joint venture partnership between Bahrain Duty Free Shop Complex and Gulf Air Holding Group Company under the name of (Bahrain Duty Free Company).
Basic earnings per share amounted to 7.74 fils compared 4.68 fils last year.
Total comprehensive income amounted to BD2,369,666 for the first quarter of 2022 compared to BD650,616 in the previous year, representing an increase of 264.2pc mainly due to other comprehensive income for the year was BD1,268,342 compared to negative BD15,848 last year for the same period representing an increase of 8103.2pc.
Shareholders equity is BD45,573,231 compared to BD47,472,014 last year, representing a decrease of 4pc
Total assets are BD45,749,799 compared to BD47,618,083 last year for the same period, a decrease of 3.9pc.
Vice-chairman Abdulla Buhindi said profit from investments recorded an amount of BD1,101,324 compared to BD666,464 last year, representing an increase of BD434,860 or 65.2pc.
The investment portfolio decreased by 1.63pc to BD44,412,914, Mr Buhindi added that the company’s positive results are the outcome of achieving our commercial goals and investment plans, which we seek to expand throughout the strategic partnerships, which will enhance the company’s returns in the long term.
&uuid=(email))