BMMI registers net profit of $27 million

17/02/2016 08:30 AST

BMMI, a Bahrain-Bourse listed firm with annual turnover in excess of $236 million, has reported a net profit of BD10m ($26.5m) for last year on sales revenue of BD88.9m.

In a statement, the retail, distribution, contract services and supply multinational company said it saw an increase in operating profit to BD10.2m last year from BD9.2m in 2014.

The board of directors has recommended the distribution of cash dividend at 50 per cent of the issued share capital excluding treasury shares (50 fils per share of which 20 fils was already distributed as interim dividend during last year).

For the fourth quarter last year, BMMI said its net profit remained flat (YoY) at BD2.6m while revenue decreased to BD22.9m from BD27.7m in the same quarter of the previous year.

BMMI chairman Abdulla Buhindi said last year saw the company continuing to operate with a "strong financial position and healthy financial reserves, enabling the achievement of goals and meeting the expectations of shareholders".

He said the success was due to "continuous investment in infrastructure, assets, quality and operational systems through various initiatives, including Alosra Supermarket's expansion in Saudi Arabia".

According to Mr Buhindi, BMMI's consumer division and African operations had also shown "solid results, accompanied by significant growth in Alosra Supermarkets in Bahrain and a substantial increase in beverages sales".

"This was achieved through extensive business development efforts and many improvements and modifications made to the distribution platforms and sales infrastructure," he added.

The company's president and chief executive Gordon Boyle said the "strong financial and operational performance" was due to 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 2015 set targets," he said.

BMMI operates across industries, across the region and across continents, distributing food, beverages and household goods, providing end-to-end supply chain solutions and delivering contract-based consumable and non-consumable products.

Gulf Daily News