Bahrain Car Parks Company (Amakin) yesterday announced its financial results for year ended December 31, 2023.
The company achieved a net profit of BD347,000 for the three months ended December 31, 2023, compared to BD360,000 reported for the same period in 2022, a decrease of four per cent.
Basic and diluted earnings per share were 3 fils compared to 3 fils for the same period in the previous year.
Total comprehensive income for the fourth quarter of the year was BD349,000, a decrease of 27pc compared to BD479,000 reported for the same period in 2022.
The company reported an operating profit of BD368,000 compared to BD400,000 for the same period in 2022, a decrease of 8pc.
As for the company’s financial results for the year ended December 31, 2023, net profit reached BD1.09 million compared to BD809,000 reported for the previous year, an increase of 35pc.
Basic and diluted earnings per share were 10 fils, compared to 7 fils for the same period in 2022.
The company reported a total comprehensive income of BD1.01m, 25pc higher compared to BD808,000 reported for the same period in 2022, and a 29pc increase in operating profit, BD1.13m compared to BD874,000 for the same period in 2022.
Total equity of the company amounted to BD20.19m for the year ended December 31, 2023, compared to BD19.92m for the year ended December 31, 2022, which represents an increase of 1pc.
The company’s assets were BD21.61m for the year ended December 31, 2023, compared to BD20.59m in the previous year, which represents an increase of 5pc.
Amakin’s board of directors recommended distributing annual dividends to shareholders representing 8pc of the company’s paid-up capital, equivalent to 8 fils per share, subject to the AGM approval.
Commenting on the annual financial results, Amakin chairman Amin Alarrayed, said, “The company exceeded expectations and delivered on its promises to provide its shareholders with exceptional performance and impressive financial results in 2023. Our strategy focused on prioritising value creation, forging new partnerships with both public and private sectors, and leveraging modern technology in all our operations. This reveals the fact that Amakin is now witnessing remarkable prosperity and vast continuous expansion in various parts of the kingdom. We are sure that the continuous increase in the locations and operational mechanisms shall lead to an increase in the revenues and net profit within the coming yeas.”
Mr Alarrayed added, “Looking ahead to 2024, we aim to become even more resilient by persisting and adapting to capitalise on capabilities, strategic partnerships, and innovation. Amakin’s performance has been evidently strong during 2023, as a result of which a notable rise in earnings of 10 fils per share has been achieved at the year end, compared to 7 fils in 2022. Following 13 years of operations, the company managed to attain the highest dividend record, as a result of which the board of directors recommended distribution of 8pc as dividends, subject to the consent of the shareholder at the forthcoming general assembly.”
Amakin chief executive Tariq Ali Aljowder also commented on such good results and said, “2023 was a year of growth and opportunities for our company. During the year, the net profit for the shareholders exceeded BD1m. These remarkable results have been achieved after more than one decade, thanks to the continuous efforts and activation of the company’s strategic plans that have reflected the unique initiatives and marching towards attaining the targeted goals.”
He added, “We successfully implemented our social responsibility strategy, which aims to support various vital development sectors in the kingdom. Additionally, we completed the construction maintenance works for each of the projects including Amakin Suq, which has been inaugurated, as well as Salmaniya Medical Complex and Hala Plaza Complex. Furthermore, we added 1920 parking spaces bringing the total to 8,504 parking spaces to our portfolio as part of ongoing company projects. There are also more positive developments that we are working on accomplishing during the year 2024.”
Mr Aljowder further said, “We take immense pride in the efforts of our dedicated team, who have contributed to our significant financial returns. Amakin remains committed to our mission of delivering innovative car park solutions and related services that enhance our customers’ experience and contribute to the development of the country’s infrastructure.”
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