Bahrain Duty Free Shop Complex (BDFS) has reported net profit of $12.3m in the first half of 2018, an increase of +28.3% on the $9.6m registered over the same period the previous year.

According to the company, which announced the results at a recent meeting of the Board of Directors, the increase in H1 net profit relates to ‘good volume growth’ in sales with an increase of $6.2m. This increased gross profits by around $3m.

BDFS also achieved an operating profit of $7.9m in H1 2018, an increase of +12.3% on the $7m during the same period during 2017. Profit from investments rose +71.4% to $4.4m from $2.6m last year, while revenue/sales grew +15.6% to $46.2m compared to $40m in H1 2017.

Total assets for the half-year rose +2.6% to $155m compared to $150.5m the previous year.

SUPPORTING SALES PROCESSES

Bahrain Duty Free Managing Director Abdulla Buhindi (left) 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.”

Meanwhile, BDFS Chairman of the Board Yousuf Almoayyed revealed net profit of close to $5m in Q2 2018, an increase of +33% on the Q2 2017 figure of $3.7m. The company also registered an operating profit of $3.9m in the quarter compared to $3.5m in Q2 2017. This represents an increase of +12.4%.

In terms of revenue/sales, BDFS registered $23.4m in Q2, a rise of +15.9% from the $20.1m in the Q2 2017.

Almoayyed said the company had achieved ‘outstanding’ financial results during the first half year and thanked the executive management and all employees for their hard work and continuous efforts.

He also expressed his confidence in the executive management and its ability to achieve further growth during the remainder of the year.