Bahrain Car Parks Company (Amakin) yesterday announced its financial results for the third quarter and the nine months ended September 30, 2023.

As for the company’s financial results for the three months ended September 30, 2023, Amakin achieved net profit of BD230,000 compared to BD149,000 reported for the same period in 2022, an increase of 54 per cent.

Basic and diluted earnings per share were at 2.11 fils, compared to 1.36 fils for the same period in 2022.

The company reported a total comprehensive income of BD167,000, 109pc higher compared to BD80,000 reported for the same period in 2022, and an increase of 28pc in operating income, BD670,000 compared to BD522,000 for the same period in 2022.

As for Amakin’s financial results for the nine months ended September 30, 2023, net profit of BD745,000 compared to BD449,000 reported for the same period last year, an increase of 66pc.

Basic and diluted earnings per share were at 6.82 fils, compared to 4.11 fils for the same period in 2022.

The company reported a total comprehensive income of BD663,000, an increase of 102pc compared to BD329,000 for the same period in 2022, and a 26pc increase in operating income, BD2.02 million compared to BD1.60m for the same period in 2022.

The total equity amounted to BD19.92m compared to BD19.92m for the year ended December 31, 2022.

The company’s assets were at BD21.21m, 3pc higher compared to BD20.59m for the year ended December 31, 2022.

Amin Alarrayed, chairman of Amakin, commented: “We are proud to announce the financial performance of Amakin for the third quarter of 2023. This achievement is a testament to our dedication to providing innovative and effective parking solutions to our customers. We continuously strive to deliver services that are efficient, accessible, and responsive to the changing demands of our valued customers and society.”

Mr Alarrayed further stated: “The financial success of Amakin reflects our board of directors’ commitment to forming strategic partnerships that enhance our position in the market. Over the years, these partnerships have yielded tangible success. We also aim to foster strong relationships with the public sector, focusing on improving the efficiency of operating car park facilities and upholding our core values of cooperation for a better future. Our dedicated team at Amakin works diligently to implement the company’s strategies, diversify income sources, and leverage available resources to achieve exceptional results that benefit our society and our beloved country.”

Tariq Ali Aljowder, chief executive of Amakin, said: “Amakin has maintained its robust momentum and sustained growth into the third quarter, delivering a strong set of results for the first nine-months of 2023.

Our financial results in the Q3 of 2023 demonstrate our ability to provide seamless experiences to our customers and those who benefit from the success of the services provided by ‘Amakin’ alongside our services in a lively and dynamic environment, and We have successfully implemented our ‘social responsibility’ strategy, which aims to support various vital development sectors in the kingdom.

Moving forward into the next quarter, we are committed to completing and delivering car parks projects starting with Amakin Souq, Salmaniya Medical Complex, Hala Plaza Complex, and Gulf Hotel. Additionally, as part of our ongoing projects, Amakin now manages over 7,989 car park spaces.

We are also actively working on several projects that we aim to accomplish this year.”

Mr Aljowder added: “We take immense pride in the efforts of our dedicated team, who have contributed to our significant financial returns. Amakin remains committed to our mission of delivering innovative car park solutions and related services that enhance our customers’ experience and contribute to the development of the country’s infrastructure.”

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