Bahrain Duty Free announces $17.1m profits for 2013
Bahrain Duty Free Shop Complex (BDFSC) on Tuesday February 18th announced its financial results for the full year 2013.
Sales in 2013 were $69.1m versus $72.9m in 2012 while sales in the fourth quarter were $18.5m versus $19.4m in 2012.
The main reason for the decline in sales was due to a fall in passengers travelling through the Airport.
However, the Company said its full year net income was $D17.1m compared to $16.9m in 2012, while the fourth quarter produced a net income of $3.6m up 5% from the 2012 figure of $3.4m.
Strong investment returns and good financial disciplines helped the Company maintain its net profit levels.
Passenger spend per head also increased by 5 % in the year helped by strong marketing campaigns. Earnings per share were 16 cents.
Total Equity on the Company’s Balance Sheet was $110.4m representing a growth of 10.7% on previous year.
Chairman Farouk AlMoayyed said the Company’s performance was a good result achieved in spite of the difficulties and the challenges faced in 2013.
Mr. AlMoayyed added that the Board of Directors resolved to recommend at the next Ordinary Annual General Meeting the distribution of a cash dividend of 55%.
Managing Director Mr. Abdulla Buhindi added that the Company had now completed two major projects in 2013 in the relocation of the Company’s headquarters to a new location beside the Airport and the renovation of the Arrivals Shop.