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Chairman Farouk Al Moayyed (left) and Managing Director Abdulla Buhindi were pleased with Bahrain Duty Free’s first-half showing, as net profits rose by +8% | |
BAHRAIN. Bahrain Duty Free Shop Complex (BDFSC) posted net profits of BD3.5 million (US$9.3 million) in the first half of 2013, a rise of +8% year-on-year.
Earnings per share rose to 33 Fils per share, up from 30.5 Fils per share. For the second quarter, net income rose to BD1,934,067 (US$5.1 million), an increase of +36% over the same quarter in 2012. Total equity on the company’s balance sheet saw growth of +5.7% to BD39.7 million (US$105 million). The Board of Directors has recommended a cash dividend of 20% to the shareholders valued at 20 Fils per share.
Chairman Farouk Al Moayyed described the H1 performance as “impressive” despite the challenging business climate.
Managing Director Abdulla Buhindi said: “The company is currently working on several development projects in line with the strategy to provide high levels of efficiency and excellence in service to travellers; including the refurbishment and upgrade of the Arrivals duty free shop at Bahrain International Airport.” The project will commence next month and is expected to finish in November.
Buhindi added that the company is planning to transfer from its current headquarters in Juffair to a new location adjacent to Bahrain International Airport.
He said it was important for the headquarters to be close to the core (airport) operation. The office move is expected to occur in September.
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The retailer will invest in Arrivals and relocate to new headquarters in the coming months |
