During the last quarter of 2016, the group’s revenue increased to BD25.6m from BD22.9m during the same period of 2015, leading to a net profit of BD2.6m, unchanged from the same quarter in 2015.
In 2016, the group recorded an annual sales revenue of BD96.5m accompanied by an decrease in operational profit from BD10.3m (2015) to BD6.9m and a net profit of BD9.4m.
BMMI chairman Abdulla Buhindi said the success was due to the group’s continuous investment in infrastructure, assets, quality and operational systems through various initiatives, including Alosra Supermarket’s expansion in Bahrain.
The consumer division and African operations have also shown good results, along with significant growth in Alosra Supermarkets in Bahrain and a substantial increase in beverages sales, he added.
“This was achieved through extensive business development efforts and many improvements and modifications made to distribution platforms and sales infrastructure.”
“In 2016, we continued to operate from a strong position, with a strong financial position and healthy financial reserves, enabling the achievement of goals and meeting the expectations of shareholders despite economic difficulties in the region and worldwide due to political instability and reduction in oil prices.”
President and chief executive Gordon Boyle emphasised on the importance of BMMI’s strategic planning.
“Despite economic uncertainties, setbacks and political turmoil on the regional and international level, I am very pleased that BMMI has proved resilience in performance on both strategic and operational levels allowing it, once again, to achieve its 2016 targets,” added Mr Boyle.
The board has recommended distribution of cash dividend at 50 per cent (50 fils per share of which 20 fils was already distributed as interim dividend during the year 2016).
The recommendation is subject to approval by the competent authorities.
Listed on the Bahrain Bourse, BMMI has an annual turnover in excess of $255m.
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