MANAMA: Bahrain Flour Mills Company (Al-Matahin) yesterday announced financial results for the second quarter and first half of 2022.
The announcement follows a board of directors meeting led by chairman Marwan Tabbara.
At the meeting, the board took a number of decisions, including the approval of the company’s financial statements for the six months ended June 30, 2022.
Mr Tabbara extended his sincere thanks and gratitude to the board of directors, the executive management and all of the company employees for their support and continuous endeavours to achieve the best results, wishing Al-Matahin further progress and prosperity.
The company has reported a net loss of BD1,509,857 for the second quarter of 2022, down by 214 per cent, versus a net profit of BD1,325,172 for the same period in 2021.
The decrease in the net profit for the second quarter of the year 2022 in comparison to the same period in 2021 is attributed to the decrease in market valuation of equity investment.
BFM reported basic and diluted loss per share of 61 fils for Q2 2022 versus basic and diluted earnings per share of 53 fils for the same period in 2021.
Operating profit for Q2 2022 was BD123,639 versus BD9,486 for the same period in 2021, an increase of 1,203pc.
With regards to sales in Q2 2022, BFM generated BD1,762,214 versus BD1,528,270 in Q2 2021 – an increase of 15pc.
For the first half of 2022, BFM has reported a profit of BD1,382,021 versus BD2,436,117 for the same period in 2021. The company reported basic and diluted earnings per share of 56 fils for first half of 2022 versus 98 fils for the same period in 2021.
Operating profit for the first half of 2022 was BD261,802 versus BD163,683 for the same period in 2021 – an increase of 60pc, due to increase in sales value and improved profitability from retails products.
BFM generated H1 2022 sales of BD3,792,157 versus BD3,456,616 in H1 2021 – an increase of 10pc.
The company’s total equity increased by 3pc to BD25,180,326 compared with BD24,438,925 as recorded on December 31, 2021.
The total assets for the period reached BD35,473,274 compared to BD32,338,602 at the end of the same period in 2021, an increase of 10pc.
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