Bahrain Duty Free Q1 profit up 22pc to $5.8m

11/05/2017 07:40 AST

Bahrain Duty Free has achieved a net profit of US$5.84 million during the first quarter of the year, compared to $4.78 million during Q1 2016, marking an increase of 22 per cent.

Basic earnings per share amounted to US cents 4.1compared 3.4 US Cents last year. Total sales for the three months ended 31st March 2017were US$19.8 million compared to $18.56 million last year, an increase of6.7 per cent.

Shareholders equity is $129.8 million compared to $13.46 million last year. The reduction in equity is mainly due to a dividend payment during the quarter.

Abdulla Buhindi, managing director of Bahrain Duty Free Complex, said that profits from Investments recorded an amount of $2.25 million compared to $1.71 million last year, representing a growth of 31.5 per cent. The Investment portfolio increased by 15.6 per cent to $99.5 million compared to December 2016.

He went on to say that the company's 2016 Departure shop refurbishment project is nearing completion which at the beginning of this year, saw the opening of the luxury watch boutique, which includes a range of leading international brands.

In the Perfumes & Cosmetics area some Perfumes houses have taken a bigger space showcasing their brands such as, Bulgari, Hermes and Dolce & Gabbana. The company's continuous pursuit of development has a direct impact on raising our level of efficiency of the company and the focus on customer service and satisfaction remains our top priority. -


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