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MANAMA: Bahrain Duty Free Shop Complex announced at a meeting of its board of directors yesterday, the financial results for the year ended December 31,2021.
Farouk Almoayyed, chairman of the board, stated that the company had achieved a net profit of BD453,215 compared to BD108,337 in the previous year’s corresponding quarter representing an increase of 318.3 per cent.
This impact coming from an increase of 216.8pc in income from joint ventures which were BD730,503 compared to BD230,559 last year.
Earnings per share are 3.19 fils compared to 0.76 fils in the corresponding quarter of last year.
Total comprehensive loss was BD58,054 compared to loss of BD1,495,663 in the same period of last year, a decrease of 96.1pc.
Investment income in the quarter was BD600,393 compared to loss of BD201,470 while the investment has increased with an impact on last year’s figure thereby giving an increase of 398pc quarter on quarter.
The company have operation loss during the fourth quarter in 2021 of BD144,641 compared to operating profit of BD204,260 last year, a decrease of 170.8pc and this is due to duty free business transferred to the joint venture.
The company achieved a net profit of BD2,139,215 compared to BD2,017,337 in the previous year representing an increase of 6.1pc.
Basic earnings per share is 15.04 fils for 2021 as compared with 14.18 fils in 2020.
Total comprehensive income for 2021 was BD3,550,161 compared to loss of BD914,664 last year, an increase of 488.1pc.
Operating profits declined by 94.6pc from BD689,260 last year to BD37,539 in 2021, while investment income recorded a figure of BD2,104,393 compared to BD859,530 in the previous year, an increase of 144.8pc. The increase in investment income being due mainly to income from joint venture.
Total equity for the year stands at BD47,472,013 compared to BD47,485,966 last year, down by 0.03pc while total assets are BD47,618,083 compared to BD50,778,861 in the previous year, a decrease of 6.2pc.
Based on the financial results, the board of directors have recommended for the approval of shareholders at the upcoming annual general meeting planned on March 14, 2022, a full year cash dividend of 30pc of share nominal value, equivalent to 30 fils per share, based on the record date of March 19, 2022 on which all shareholders whose names are on the share register will be entitled to dividends.
In conclusion, Mr Almoayyed stated that it has been almost two years since the outbreak of the pandemic; however, the company achieved better financial results than anticipated.
The continuing challenges of the pandemic and the direct impact on the travel sector in terms of air traffic and lack of passengers ultimately affected retail sales.
He went on to say that despite the sharp declines in the year, it was a very acceptable result, and with the gradual return of air traffic and travellers in many countries, including updating and cancelling some precautionary health measures to enter countries, this will boost demand on the travel sector and duty-free sales to return to pre-Covid pandemic levels.
Abdulla Buhindi, the managing director of the company, also commented on the positive results of the company and 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 further explained that they seek to enhance and strengthen this partnership to achieve positive results in the coming years. He stated that strategic partnerships constitute a fundamental pillar for developing and supporting the business of the company, and they are working to develop all commercial objectives and future investment plans by exploring and searching for more strategic partnerships, which should contribute and enhance the investment portfolio and its returns to the company in the long term.
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