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Bahrain Flour Mills Company (Al-Matahin) board of directors have approved the company’s financial statements for the six months ended June 30, 2024 during their meeting held yesterday.
Basim AlSaie, chairman, extended his sincere gratitude to the directors, the executive management and company employees for their support and continuous efforts to achieve the best results, wishing Al-Matahin further progress and prosperity.
Al-Matahin announced a net loss of BD427,608 for the second quarter of 2024 compared to net income of BD1,032,721 for the same period in 2023 .
The decrease in the net profit for the second quarter of the year 2024 in comparison to the same period of 2023 is attributed to the decrease in market valuation of equity investment, increase of operating expenses and decrease in sales quantities.
Basic and diluted earnings per share for the second quarter decreased to 17.22 fils compared with 41.6 fils in the same period of 2023.
The company also incurred an operating loss during the second quarter of the year 2024 of BD119,654 compared to BD195,791 profit for the same period in 2023.
The decrease in profits derived from an increase in energy cost, depreciation/amortisation of the new mill, in addition to, increase in other operating expenses affected by inflation.
With regards to sales, the company achieved BD1,726,071 for the second quarter of 2024, compared to BD1,851,876 for the same period in 2023, with a decrease of 7pc.
For the first half of 2024, BFM has reported a profit of BD169,539 which is down by 89pc from BD1,545,561 for the same period in 2023.
The company reported basic and diluted loss per share of 6.83 fils for the first half of 2024 versus 62.26 fils profit for the same period in 2023.
Operating profit for the first half of 2024 decreased by 99pc to BD6,584 from BD572,058 for the same period in 2023 due to similar reasons for Q2 increase in operating expenses besides positive inventory revaluation during 2023.
BFM generated sales of BD3,936,883 in first half versus BD4,067,402 in H1 2023, a decrease of 3pc due to 3.7pc drop in quantity sold.
The company’s total equity decreased by 2pc to BD26,600,344 compared with BD27,076,425 recorded as of end-2023.
The total assets for the period reached BD37,821,194 compared to BD35,548,935 in the year 2023, with a decrease of 6pc.
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