BAHRAIN. Bahrain Duty Free posted first-half sales (to 30 June) of US$36.6 million, an increase of +1.9% year-on-year.
Profits however fell sharply (-35.4%) from US$13.8 million a year ago to US$8.9 million in H1 2016. The company said that this was due mainly to the one-off impact of an asset disposal in last year’s figures.
Basic earnings per share amounted to 6.9 US cents compared 10.7 US cents last year.
Shareholder equity stands at US$128.2 million compared to US$129.5 million a year ago. The reduction in equity is mainly due to a dividend payment during the year.
In the three months ended 30 June, sales fell by -5% year-on-year to US$18.1 million with net profit sliding -45.8% to US$4.1 million due to the profit on last year’s asset disposal.
Chairman of the Board Farouk Al Moayyed said the Board of Directors has recommended a cash dividend of 20% to the shareholders, valued at 5.3 US cents per share.
Managing Director Abdulla Buhindi said that profit from investments was US$2,752,013 compared to US$5,730,210 last year, down because of the asset sale noted above.
The investment portfolio increased by +14.9 % to US$83.6 million.
Buhindi confirmed that the company has started the upgrade of all shops in the Departures area at Bahrain International Airport.
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Bahrain Duty Free Chairman Farouk Almoayyed (left) and Managing Director Abdulla Buhindi | |
Bahrain Duty Free has begun its upgrade of shops in the Departures area at Bahrain International |
