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NEWS Last modified on November 13, 2014

Bahrain Duty Free profits up 12.3% in first three quarters

Bahrain Duty Free has announced profits of $15.2 million (€12.1 million) for the first nine months of 2014, up 12.3% on the same period in 2013.

The financial results were also detailed for the third quarter ending September 30, which saw the company achieve a net income of $5.9 million (€4.7 million) compared to the same quarter last year, up 44.7%.

Bahrain Duty Free says “exceptional growth” came on the back of the disposal of an investment where a profit of $1.4 million (€1.1 million) was earned.

Sales in the third quarter were $18.3 million (€14.6 million) up by 4.6% on 2013, while operating costs were down 2%, and profits before investment income were 8.9%.

Passengers travelling through Bahrain International Airport during the nine month period were 4.7 million and rose by 10.8% contributing significantly to the sales performance of $54.9 million (€44 million) an increase of 8.6% compared to last year.

Chairman Farouk Al Moayyed, says the first nine months profits were “excellent” and complemented the company’s operational and investment strategies.

In addition to passengers, he adds the marketing campaigns, product variety and enhancement to customer service impacted on increasing the sales.

The company says it is committed to continue its renovation and upgrading of the shops in the airport and has already completed phase one of the capital project, while phase two will commence in the near future.

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