MANAMA: Bahrain Flour Mills Company (Al-Matahin) achieved a net profit of BD678,363 for the fourth quarter ended December 2020, compared with BD396,550 for the same period of 2019, with an increase of 71.1 per cent.
The increase in the net profit for the fourth quarter of 2020 in comparison with 2019 is attributed to the increase of investment and other income.
Basic and diluted earnings per share for the fourth quarter increased to 27 fils compared with 16 fils in the same period of 2019.
The company achieved an operating profit during the quarter of BD90,565 compared with BD135,762 for the same period in 2019, with a decrease of 33.3pc.
The operating profit achieved is less due to decrease of sales volume and increase of operating expenses.
With regards to sales, the company achieved BD1,747,626 for Q4, compared with BD1,825,861 for the same period in 2019, with a decrease of 4.3pc.
The company has reported a 41.3pc decrease in its profit for 2020 to BD1,086,159, compared with BD1,850,735 in 2019.
Earnings
A drop in the market value of the investment portfolio and an increase in operating expenses were all factors impacting the profit for the year 2020 following the Covid-19 pandemic.
Basic and diluted earnings per share for 2020 decreased to 44 fils compared with 75 fils in the same period of 2019.
The operating profit decreased by 4.3pc to BD305,240 compared with BD318,967 in 2019.
This is due to decrease in sales volume and increase in operating expenses.
With regards to sales, the company achieved BD7,054,632 during 2020, compared with BD7,075,011 of 2019, with a decrease of 0.3pc.
Total equity increased by 4.1pc to BD20,884,437 compared with BD20,066,534 recorded as of end-2019.
Total assets for 2020 reached BD30,123,536 compared with BD25,978,860 in 2019, with an increase of 15.9pc.
In line with the results, the board of directors of the company has recommended distribution of cash dividend of BD372,384 at 15pc of its paid-up capital, subject to approval by the general assembly and regulators.
Commenting, chairman Marwan Tabbara stated that under the current circumstances, Al-Matahin Company continues to take all necessary precautionary and preventive measures related to health and safety, which aim to limit the spread of Covid-19 in order to preserve the safety of its employees and to ensure the continuity of its operations.
He affirmed that Al-Matahin Company is proceeding with determination to enhance its ability to achieve strong results with an optimistic outlook to support the local economy.
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