Bahrain Duty Free reports net income of $9.3m for first half of 2014
Bahrain Duty Free Shop Complex on Monday August 11th. reported its financial results for the second quarter ended June 30 2014. The company achieved a net profit of US$4.4m which declined by 12.7% compared to last year. This reduction is due to a reduced income from one investment which in 2013 paid out an exceptionally large dividend. Profit before dividend income was US$2.9m an increase of 9.1% versus the same quarter last year. Passenger volume of 1.6m was up 14.1% and contributed significantly to the sales performance of US$19.5m increasing 12.1% compared to last year. Operating costs were also up by 4.3% due to increased marketing activities and additional depreciation charges incurred.
For the six months combined, recorded net income was US$9.3m, down by 1.7% when compared to the same period last year. Passengers were 3.1 million and ahead of last year by 6.7%. Sales recorded a total of US$36.5m representing an increase of 10.6% over the first six months of 2013. Earnings per share are 8.7 cents down by 1% on prior year and total Equity on the Company’s Balance Sheet stands at US$109.9m.
Chairman Farouk Almoayyed stated that from an operational perspective, this has been a great quarter and first half year where sales have delivered a solid performance exceeding expectations. Managing Director Abdulla Buhindi went on to say that the Company is well positioned to complete its capital program in the airport with the next phase due for completion at the end of September.