BAHRAIN. Bahrain Duty Free’s sales for the first nine months rose +2.7% to US$57.1 million.
Net profit fell -24.5% to US$14.2 million, but that was due to a fall in investment income driven by a one-off profit last year on an investment disposal.
In the three months ended 30 September, sales growth accelerated, increasing +4% from US$19.6 million to US$20.3 million. Net profit increased +6.7% from US$5.1 million to US$5.4 million.
For the nine months, basic earnings per share amounted to 11 US cents compared to 14.6 US cents last year.
Shareholder equity stands at US$126.1 million compared to US$129.6 million a year ago. The reduction in equity is mainly due to a dividend payment during the year, Chairman of the Board Farouk Yousuf Al Moayyed said.
Managing Director Abdulla Buhindi said that profit from investments was US$3.7 million compared to US$7.4 million last year, representing a steep -49.4% decline. He said the fall was due to profits earned last year on the sale of an investment property.
The investment portfolio increased by +13.8% to US$82.2 million.
Buhindi noted that the company had started upgrading its departures shops at Bahrain International Airport in line with a strategy to provide customers a better shopping experience.
Bahrain Duty Free inaugurated the Candy Cloud children’s confectionery concept (pictured below) at the airport in September.
