BAHRAIN. Bahrain Duty Free Shop Complex has posted a +33.1% year-on-year rise in net profit to US$4,987,156 for the second quarter ended 30 June, helping to drive what Chairman Farouk Almoayyed described as “outstanding” first-half results.
Operating profit in the second quarter reached US$ 3,918,430, up +12.4%. Sales rose +15.9% in the three months to US$23,399,212. Earnings per share reached 3.5 US Cents compared to 2.6 in the same period of 2017.
Investment income increased by US$808,546 during the quarter.
For the first half year, net profit surged by +28.3% to US$12.3 million. Operating profit rose +12.3% to US$7,860,218. Profit from investments reached US$4,440,162, up +71.4%.
First-half revenues rose +15.6% to US$46.2 million.
Earnings per shares were 8.6 US Cents compared to 6.7 in the comparative period.
Bahrain Duty Free Managing Director Abdulla Buhindi said, “We have focused our efforts on increasingly supporting sales processes that have contributed to an increase in the average transaction value, including upgrading our customer service efficiency.”
The Board of Directors has recommended a dividend of 20% of the share capital, equivalent to 5.3 US Cents per share.
Chairman Farouk Almoayyed said, “The company has succeeded in achieving outstanding financial results during the first half year.” He also expressed his confidence in the executive management continuing to achieve further growth during the remainder of the year.”
Bahrain Duty Free operates several duty free outlets and other stores within Bahrain International Airport. It also runs Khalifa Bin Salman Port Shop.
Bahrain Duty Free is a public company and is managed by Aer Rianta International-Middle East.
