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NEWS Last modified on February 20, 2017

Bahrain Duty Free claims that its 2016 net profits show its resilience

Bahrain Duty Free (BDF) reports that it enjoyed $76.5 million in sales in 2016 – a rise of 2.6% or just under $2 million on the previous year.

The duty free operator, however, saw its operating and net profits decline by 7.5% and 6.8% respectively on 2015.

It ended 2016 with a net profit of just over $22 million and its basic earnings per share of 17 cents compared with 18.3 cents in 2015. 

Sales were up 2.5% to $19.4 million in the final quarter of the year.

Commenting on the results, Bahrain Duty Free’ chairman Farouk Al Moayyed, said that 2016 had produced resilient net profits which were testament to the company’s operational and investment strategies. 

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

Managing director Abdulla Buhindi pointed out that passenger volumes at Bahrain International Airport increased by 2.6% in 2016, which along with several marketing initiatives, contributed to increase sales.  

He went on to say that the company’s shop upgrades started as planned in July 2016 and by year-end, work was substantially complete.  

Says BDF: “Many new brands and initiatives were-introduced in the Perfumery & Cosmetics area and a new Premium Watch boutique area opened too, to mention a few highlights of the project. 

“This major investment will position the business on a stronger foundation for sustainable growth and profitability in the years ahead.”

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