BAHRAIN. Bahrain Duty Free Shop Complex posted a +16.2% leap in net profits year-on-year to BD4.287 million (US$11.38 million) for the 12 months ended 31 December 2023.
Total comprehensive income for the year decreased to BD2.389 million (US$6.34 million) compared to BD3.142 million (US$8.35 million) in 2022, a fall of -24%.
Profits from investments reached BD5.145 million (US$13.65 million) for the year compared to BD4.489 million (US$11.91 million) in 2022, a rise of +14.6%.
Shareholders equity for FY 2023 was BD44.416 million (US$117.86 million) compared to BD46.335 million (US$122.95 million) in 2022, a decline of -4.1%. Total assets stood at BD44.733 million (US$118.7 million) compared to BD46.631 million (US$123.73 million), also down -4.1% year-on-year.
In Q4 2023, Bahrain Duty Free Shop Complex achieved a net profit of BD584,334 (US$1.55 million). This represented a -36.5% fall compared to Q4 2022.
Total comprehensive loss for the quarter was BD325,747 (US$864,355) compared to a loss of BD144,101 (US$382,366) in the same quarter of the prior year. The company attributed the swing to prevailing market conditions.
Commenting on the full-year results, Chairman of the Board Farouk Al Moayyed stated that the “strong performance” of all investments continued during the period. Vice Chairman Abdulla Buhindi added that he was pleased with the good results recorded by the company and noted the investment portfolio has demonstrated “solid performance” across all sectors. ✈
