Bahrain Duty Free 2017 net profit hits $18.8m

22/02/2018 05:21 AST

Bahrain Duty Free Shop Complex has posted a net profit of $18,809,806 during 2017, down from $22,091,013 in the previous year, marking a 14.9 per cent reduction.

The company reported gross revenues of $84,815,324 ($76,550,711 in 2016) achieving a 10.8 per cent growth over prior year. Operating profits were $14,301,119, increasing by 12.7 per cent from $12,689,210.

Income from Investment activities was $4,508,687recording a decline of 52.0 per cent on the previous year's figure of $9,401,804 due to a one-off dividend received in 2016 from one of our Investment activities. Basic earnings per share are $0.13 per share compared with $0.16 in 2016.

At December year-end, total shareholder's equity stood at $132,494,766 a decrease of 1.6 per cent over prior year figure of $134,671,342. In the fourth quarter of 2017, Sales were $22,568,053 up 16.0 per cent on prior year while operating profits grew29.9 per cent to $3,325,639. Investment income declined by 101.1 per cent to a negative $59,753 in the quarter. The decrease coming from a one-off dividend received last year. As a result, net income in Q4 was $3,265,886down 58.4 per cent on same quarter last year.

Chairman Farouk Al Moayyed said that 2017 had produced excellent results with double digit growth in Revenues and Operating Profits. He went on to say that the Company has made important strategic progress to ensure continued success for the Company in the future.

Managing director Abdulla Buhindi said that that despite challenging Passenger numbers, sales growth had surpassed budget and prior year expectations.

He went on to say that the Company's excellent growth in sales and operating profits were a testament to the Company's decision in 2016 to make a significant capital investment in renovating the shops at the Airport. Many new brands and initiatives were introduced in the perfumery & cosmetics area as well as a new premium watch boutique all contributing to the overall performance of the shop.

He concluded by stating that the company remains focused on delivering first class customer service and unique shopping experience for all our customers.

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