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The BMMI Group has announced that consolidated net profit attributable to shareholders in the fourth quarter of 2024 stood at BD1.2 million, an increase of 9 per cent compared to BD1.1m for the same period in 2023 (BD0.94m in 2022).
The earnings per share for the quarter stood at 8 fils, in par with 8 fils in 2023 (7 fils in 2022).
The group’s comprehensive income attributable to the shareholders in the fourth quarter decreased by 22pc, from BD1.31m in 2023 to BD1.03m in 2024 (BD0.82m in 2022).
The increase in net profit of the fourth quarter in 2024 was attributed to better performance in our core hospitality business.
The year 2024 presented its share of challenges as the world continued facing several global conflicts that affected business operations globally, including the activity of the group’s companies and subsidiaries.
As significant uncertainty continues with respect to the long-term impact of regional and global events on economic and social well-being, the group strongly believes that survival continues to depend on the adaptability and resilience of both its operations and its people.
Despite these challenges, the group has demonstrated continued recovery. The net profit attributable to shareholders stood at BD6.47m in 2024, compared to BD5.97m in 2023 (BD6m in 2022), an increase of 8pc.
The group’s earnings per share stood at 45 fils in 2024 compared to 42 fils in 2023 (42 fils in 2022), an increase of 7pc. Furthermore, the total comprehensive income attributable to the shareholders was BD5.63m in 2024 compared to BD5.79m in 2023, a decrease of 3pc (BD5.65m in 2022).
Additionally, the total equity attributable to the shareholders of the group at the end of the year stood at BD68.78m, compared to BD67.42m in 2023, a increase of 2pc (BD67.82m in 2022).
Furthermore, the total assets for the year stood at BD101.46m in 2024, compared to BD109.41m in 2023, which is a decrease of 7pc (BD116.94m in 2022).
Based on these results, the board of directors has recommended a cash dividend of 35pc of share nominal value, equivalent to 35 fils per share, amounting to BD4,982,626, to the shareholders whose names are registered on the company’s register on the record date.
The proposed annual cash dividend in is subject to approval at the annual general meeting to be held on March 24, 2025 in Bahrain.
Commenting on the results, BMMI chairman Abdulla Buhindi said: “Despite the challenges presented in 2024, thanks to BMMI’s strong strategy and highly skilled and dedicated team, the group was able to successfully navigate any obstacles that it faced.”
He added: “Our strategic investment in maintaining outstanding retail and distribution capabilities has once again proven to be the foundation of our success. BMMI’s unwavering focus on exceptional customer service has distinguished us in the market, enabling us to foster new business relationships while strengthening long-established ones.
Mr Buhindi further said: “Looking ahead, we are optimistic about the future and remain committed to further growth and success. BMMI’s board continues to carefully monitor the business environment to adjust and adapt the group’s strategy to address and overcome emerging challenges.”
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