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NEWS Last modified on February 9, 2016

Bahrain Duty Free announces a 2015 net profit of $23.5 million

Bahrain International Airport's retail concessionaire, Bahrain Duty Free, has announed a 2015 net profit of $23.7 million.

The profit was achieved on reported gross revenues of $77 million, a rise of 3.3% on the previous year. 

Its operating profit was $13.7 million, up 14.3% on 2014.

Basic earnings per share rose to 20 US cents, a marginal rise on the 19 US cents reported in 2014.

At December year end, its shareholder equity stood at $128 million, an increase of 7.8% compared to $118.7 million in 2014, while its total assets stood at $144.7 million, which it says reflects "the ever increasing performance and strength of the company’s financial position".

In the final quarter of 2015, it recorded $19.6 million in sales although its operating profits fell 7.6% to $2.6 million.

Commenting on the results, Bahrain Duty Free's chairman Farouk Al Moayyed, said that 2015 had produced the company’s highest ever net profits which were testament to its operational and investment strategies.

He went on to say that the company has made important strategic progress to ensure its continued success.  

Managing director, Abdulla Buhindi, noted that a 5.9% upturn in passenger volumes, along with several marketing initiatives, contributed to the increase in sales. 

He went on to say that the company had approved a capital budget for 2016 aimed at totally renovating and upgrading all of its airport shops in the Departures area and introducing more new brands to "give a wider choice of quality goods for passengers".

Buhindi predicted that this investment will position the business on a stronger foundation for sustainable growth and profitability in the years ahead.

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