BAHRAIN. Bahrain Duty Free posted a +3.3% revenue increase year-on-year for the 12 months ended 31 December, with the figure reaching US$99.7 million. Net profits rose by +0.4% to US$19.9 million.
Operating profits grew by +5.2% to US$17 million, while investment income dipped by -21% to US$2.9 million. The decline was due mainly to impairment provisions taken in the company’s Investment Portfolio and reduced dividend income.
In Q4 2019, revenues grew by +6.2% to US$26.1 million, with net profits climbing +51.6% to US$3.1 million. Operating profits climbed +11.6% to US$4.5 million. Investment income in the quarter was a negative US$1.4 million due to impairment provisions taken.
Total shareholders’ equity for the year stands at US$140.4 million, up by +3.3%, while total assets were US$164.4 million, an increase of +4.8%.
Chairman Farouk Al Moayyed said that 2019 had produced “excellent results”. Based on these results, the Board of Directors has recommended the distribution of dividends of 50% of the share capital, equivalent to 13.26 US Cents per share, subject to shareholder approval.
Managing Director Abdulla Buhindi said that the Bahrain International Airport development programme (with a new terminal to open soon) is progressing and on track.
He said: “Our project team is working hard to ensure our state of readiness and we are confident of delivering a world-class shopping experience in the new airport on opening date. The new terminal is one of the largest individual projects undertaken within the Kingdom of Bahrain and we are delighted to be a part of it. We are also committed to continue to seek out other opportunities that are in line with our vision to enable us to pursue our growth and success in the years to come.”
