Bahrain Duty Free Shop Complex has reported a net profit of BD920,192 during the fourth quarter of 2022 compared to BD453,215 for the same quarter of the previous year, representing an increase of 103 per cent.

Earnings per share during the quarter were 6.47 fils compared to 3.19 fils in the same quarter of last year. The increase in net profit in the quarter is due mainly to an increase in investment income.

Total comprehensive loss for the quarter was BD114,101 due to prevailing market conditions and comparing to a profit of BD395,336 in the same quarter of last year.

For the full year ended December 31, 2022, the company achieved a net profit of BD3,688,930 compared to BD2,139,215 in the previous year, representing an increase of 72.5pc.

Earnings per share as of December 31, 2022 were 25.93 fils compared to 15.04 fils last year.

Total comprehensive income decreased to BD3,142,200 compared to BD3,550,161 in the previous year representing a decrease of 11.5pc.

Profits from investments recorded BD4,199,085 for the year compared to BD2,104,393 in the same period last year representing an increase of 99.5pc.

This is mainly due to income earned from the joint venture company.

For the year ended December 31, 2022 and comparing to December 31, 2021, shareholders equity is BD46,335,221 comparing to BD47,472,013, representing a decline of 2.4pc, while total assets stand at BD46,630,614 compared to BD47,618,083 down by 2.1pc.

Based on the financial results, the board of directors have recommended for the approval of shareholders at the upcoming annual general meeting planned on Tuesday March 14, 2023, a full year cash dividend of 30 fils per share.

Commenting on the results, chairman Farouk Almoayyed stated that the strong performance was derived mainly from the joint venture company which realised good sales and profits in the quarter and 2022.

He went on to say that the company is on course to exceed its 2021 net income results due to an improvement in market conditions and resilient performance of the investment portfolio.

The vice-chairman, Abdulla Buhindi, said he was pleased with the good results recorded by the company and that the investment portfolio had performed well compared to 2021 through solid performance of all sectors within the portfolio.

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