Bahrain Car Parks Company (Amakin) has announced its financial results for the second quarter and the six months ended June 30, 2023.

As for the company’s financial results for the three months ended June 30, 2023, net profit reached BD242,000 compared to BD136,000 reported for the same period in 2022, an increase of 78 per cent.

Basic and diluted earnings per share were at 2.21 fils, compared to 1.25 fils for the same period in 2022.

The company reported a total comprehensive income of BD237,000, 259pc higher compared to BD66,000 reported for the same period in 2022, and an increase of 24pc in operating income, BD678,000 compared to BD546,000 for the same period in 2022.

As for the company’s financial results for the six months ended June 30, 2023, net profit reached BD515,000 compared to BD300,000 reported for the same period in 2022, an increase of 72pc.

Basic and diluted earnings per share were at 4.71 fils, compared to 2.75 fils for the same period in 2022.

The company reported a total comprehensive income of BD496,000, 99pc higher compared to BD249,000 reported in 2022, and a 25pc increase in operating income, BD1.35m compared to BD1.08m for the same period in 2022.

Total equity amounted to BD19.76m compared to BD19.92m for the year ended December 31, 2022, which represents a decrease of 1pc.

The company’s assets were at BD20.99m, 2pc higher compared to BD20.59m for the year-ended December 31, 2022.

Commenting on the financial results, chairman Amin Alarrayed said, “This has been another exceptional quarter for Amakin, marked by substantial growth in our profits. Building on the successes of 2023 and the year before, we continue to transform Bahrain’s parking ecosystem and reinforce our position as a regional market leader.

“We have successfully signed a 15-year Usufruct Agreement with the owning government authority for the Capital Municipality Multi-storey Car Park Building, to be operated and managed by Amakin. Maintenance has already started, and the building is expected to be fully operational and launched this month. Furthermore, our management of the Bahrain Airport car park system maintenance illustrates our critical infrastructure maintenance experience.

“We are committed to surpassing expectations and delivering value to our stakeholders and society while also contributing to the development of the kingdom’s infrastructure.”

Bahrain Car Parks Company chief executive Tariq Ali Aljowder said, “The second quarter of 2023 was a transformative period for Amakin, highlighted by ground-breaking achievements and unrivalled commitment to our vision. Our strategic agreement with Bahrain Airport to oversee their car park system maintenance has cemented our reputation and solidified our image as a trusted industry leader.

“We are extremely proud of our team’s dedication and expertise, which has contributed to our substantial financial success. Amakin has been able to redefine parking through strategic partnerships, providing a revolutionary and valuable experience that promotes seamless integration for all. We have reshaped the industry’s vision of what parking can be through these major agreements, highlighting the sector’s lasting trust and confidence in Amakin’s expertise,” he added.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).