BAHRAIN. Bahrain Duty Free Complex posted a +22.0% year-on-year net profit increase in the first quarter of 2017, to US$ 5.8 million.
Basic earnings per share amounted to 4.1 US cents compared 3.4 US cents in the year-before period.
Total sales increased +6.7% to US$ 19.8 million. Shareholder equity stood at US$129.8 million, a decrease of -3.6% year-on-year. The reduction in equity is mainly due to a dividend payment during the quarter, the company said.
Profits from investments grew a strong +31.5% to US$2.25 million. The company’s investment portfolio increased +15.6% to US$99.5 million.
Bahrain Duty Free Complex Managing Director Abdulla Buhindi noted that the company’s 2016 departure shop refurbishment project is nearing completion. He said that a luxury watch boutique opened at the beginning of the year.
In the Perfumes & Cosmetics area he noted that some houses had taken a bigger space to showcase their brands, including Bulgari, Hermès and Dolce & Gabbana.
“The company’s continuous pursuit of development has a direct impact on raising our level of efficiency of the company and the focus on customer service and satisfaction remains our top priority,” he concluded.
