BAHRAIN. Bahrain Duty Free Complex posted a +2.6% growth in turnover for the year ended 31 December 2016 to US$76,550,711, exactly in line with passenger traffic growth, but operating profit fell -7.5% to US$12,689,210.
Net profits decreased -6.8% to US$22,091,013. Income from investment activities dropped -5.8% to US$9,401,804. Basic earnings per share reached 17 US cents compared with 18.3 US cents in 2015.
Fourth-quarter sales rose +2.5% year-on-year to US$19,455,589 while operating profits fell -12.7% to US$ 2,559,671.
At year-end, total shareholder equity stood at US$134,671,342 an increase of +4.0% year-on-year.
Investment income increased by +176.2% to US$5,285,602 in the fourth quarter, the increase coming from a one-off dividend. As a result, net income in Q4 was US$7,845,008, up +61.9% year-on-year.
Chairman Farouk Al Moayyed said that 2016 had produced “resilient” net profits which were testament to the company’s operational and investment strategies. He said that the company has made important strategic progress to ensure continued success.
Managing Director Abdulla Buhindi (right) noted that passenger volumes increased by +2.6% year-on-year and, along with several marketing initiatives, contributed to increased sales. He noted that the company’s shop upgrades started as planned in July 2016 and by year-end, work was substantially complete.
Highlights of the refurbishment included the addition of new brands and several other initiatives in the Perfumery & Cosmetics area and the opening of a new premium watch boutique area.
This major investment will position the business more strongly for sustainable growth and profitability in the years ahead, the company concluded.
