BAHRAIN. Bahrain Duty Free Shop Complex posted a +21% year-on-year increase in net profit to BHD 5.4 million (US$14.3 million) last year, according to local reports.
Sales also rose by +21% to BHD 17.7 million (US$46.9 million) for the period. The results are outstanding given the negative effect on traffic caused by the Iraq war in early 2003.
The company, a joint venture between Aer Rianta International-Middle East and local partners, attributed its success to the opening of new facilities at the Mina Salman port in north-eastern Bahrain and successful retail activities at Bahrain International Airport. Increased passenger traffic in 2003 helped push retail spending higher at the airport as did ongoing improvements to one of the world’s most highly-rated duty free complexes.
Publicly-listed Bahrain Duty Free Shop Complex plans to increase its capital to BHD 2.6 million (US$7 million) through a two-for-10 bonus issue, the company reported this week. Its capital currently stands at BHD 2.2 million (US$5.8 million).
The company reported a “˜Bahrainisation’ rate of 63% for 2003. It said it plans to further raise the ratio of nationals among its employees, instead of expatriates. The issue is a key and sensitive one in Bahrain and Aer Rianta International-Middle East is considered a role model among international firms for finding and training local talent.
