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Bahrain Duty Free reports net profit of BD 1.1 million in Q1 of 2022

May 13, 2022
finance & economy

Manama, May 12 (BNA): Bahrain Duty Free Complex has achieved a net profit of BD 1,101,324 compared with last year's net profit of BD 666,464 in the three months ended March 31, 2022, representing an increase of 434,860 or up by 65.2%.

Board Chairman Farouk Yousuf Al Moayyed said that the company achieved better financial and a very acceptable result, and now with the gradual return of air traffic and an improvement of travelers' movement.

'This will boost demand in the travel sector in the upcoming months and then duty-free sales to return in particular the contribution made by the joint venture partnership between Bahrain Duty Free Shop Complex and Gulf Air Holding Group Company under the name of 'Bahrain Duty Free Company',' he said.

Basic earnings per share amounted to 7.74 fils compared with 4.68 fils last year.

Total comprehensive income amounted to BD 2,369,666 for the first quarter of 2022 compared with BD 650,616 in the previous year, representing an increase of 264.2% mainly due to other comprehensive income for the year was BD 1,268,342 compared with BD 15,848 last year for the same period, representing an increase of 8103.2%

Shareholders Equity is BD 45,573,231 compared with BD 47,472,014 last year, representing a decrease of 4.0%.

Total assets are 45,749,799 compared with BD 47,618,083 last year for the same period, a decrease of 3.9%.

Vice Chairman Abdullah Buhindi said that profit from investments recorded an amount of BD 1,101,324 compared with BD 666,464 last year, representing an increase of BD 434,860 or 65.2%. The investment portfolio decreased by 1.63% to BD 44,412,914.