Bahrain Car Parks Company (Amakin) has reported net profit of BD247,000 for the three months ended March 31, 2025 compared to BD289,000 reported for the same period in 2024, a decrease of 15 per cent.
This decline is attributed to the preparation for the commencement of expansion in Saudi Arabia, and delays in certain projects that were expected to become fully operational and to generate returns.
Basic and diluted earnings per share were at 2 fils, compared to 3 fils for the same period in 2024.
The company reported a total comprehensive income of BD239,000, a decrease of 9pc compared to BD263,000 reported for the same period in 2024, and an increase of 5pc in operating income, BD771,000 compared to BD735,000 for the same period in 2024.
Total equity amounted to BD19.61 million compared to BD20.36m for the year 2024, which represents a decrease of 4pc. The company’s assets were at BD22.57m, 2pc higher compared to BD22.23m for the year 2024.
Commenting on the financial results, chairman Khalifa AlJalahma said: “Amakin continues to deliver outstanding performance in the local market, recording a 5pc growth in operating revenues during the first quarter of the current year. This reflects the effectiveness of our strategic plan, which focuses on enhancing operational efficiency and elevating the quality of services provided.”
Mr AlJalahma added: “We are operating with a clear vision to grow our operational portfolio within Bahrain and beyond, through expansion into the Saudi Arabia, where we will commence operations later this year. We continuously enhance our operations to support sustainable growth and solidify Amakin’s position as a leading provider of smart parking solutions in the region.”
Amakin chief executive Tariq Ali Aljowder said: “Amakin started 2025 by continuing to implement its strategic plans aimed at developing its services and improving customer experience, within a framework of ongoing commitment to boosting operational efficiency. The results of the past period came in light of several developments, including ongoing preparations for expansion into Saudi Arabia, and the ‘Amakin Pearls’ project, which represents a qualitative addition to the company’s efforts to enhance its operational infrastructure and strengthen its capabilities in project management.
“In addition, there has been a delay in the activation of certain projects that were expected to start generating returns during this period, and which we now anticipate will have a clear positive impact during upcoming disclosure periods later this year.”
He added: “The company continues to study several promising investment opportunities in areas related to the mobility sector, including the development and management of smart parking systems and their supporting infrastructure. We are also exploring strategic partnerships that can enhance the added value of our operational portfolio.”
Mr Aljowder further said: “These steps are part of Amakin’s drive to diversify revenue streams, boost performance efficiency, and expand its presence in the region. Through these efforts, the company aims to strengthen its position as an active partner in the parking services and urban mobility sector, in line with our long-term vision to achieve balanced and sustainable growth.”
&uuid=(email))