Bahrain Duty Free Shop Complex announced at a meeting of its board of directors yesterday the financial results for the nine months ended September 30, 2022.

Chairman Farouk Almoayyed stated that the company had achieved a net profit of BD847,290 during the third quarter of 2022 compared to BD519,421 for the same quarter of the previous year representing an increase of 63.1 per cent.

Earnings per share during the quarter were 5.96 fils compared to 3.65 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 income for the quarter reduced to BD996,353 compared to BD1,238,421 in the same quarter of last year representing a decrease of 19.5pc.

For the nine months ended September 30, 2022, the company achieved a net profit of BD2,768,738 compared to BD1,686,001 in the previous year, representing an increase of 64.2pc.

Earnings per share as of September 30, 2022 were 19.46 fils compared to 11.85 fils last year.

Total comprehensive income grew to BD3,286,301 compared to BD3,154,735 in the previous year representing an increase of 4.2pc.

Profits from investments recorded BD3,145,678 for the nine months compared to BD1,508,070 in the same period last year representing an increase of 108.6pc.

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

Total shareholders’ equity for the period ended September 30, 2022, is BD46,490,353 compared to BD47,472,000 as of December 31, 2021, down by 2.1pc.

Total assets as of September 30, 2022, were BD46,623,467 compared to BD47,618,000 as of December 31, 2021, a decrease of 2.1pc.

Commenting on the results, Mr Almoayyed stated that the strong performance was derived mainly from the joint venture company which realised good sales and profits in the quarter and year to date.

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 company’s vice-chairman, Abdulla Buhindi, said he was pleased with the good results and that the investment portfolio had increased compared to 2021 through acquisitions and solid performance of all sectors within the portfolio.

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