Bahrain Duty Free has reported a 3.3% revenue increase to $99.7m in 2019 compared to $96.5m the year before.
The results for the year ended 31 December 2019 were announced at a meeting of the company’s board of directors on 10 February.
Net profit was up 0.4% to $19.9m from $19.8m the previous year, while operating profits grew by 5.2% from $16.2m in 2018 to $17m in 2019.
Investment income dropped 21% to $2.9m compared to $3.6m the year before. The company said the decline in investment income was mainly due to impairment provisions taken in the investment portfolio and reduced dividend income.
In the fourth quarter, the company generated net profit of $3.1m compared to $2m during the previous corresponding period in 2018. The growth came from an increase of 11.6% in operating profits which amounted to $4.5m compared to $4m the year before. Strong sales growth was also a factor.
Q4 REVENUE RISE
Revenues in Q4 reached $26.2m compared to $24.7m in Q4 2018, an increase of 6.2%.
Farouk Al Moayyed, Chairman, Bahrain Duty Free (pictured left) said that 2019 produced excellent results, while Abdulla Buhindi, Managing Director, Bahrain Duty Free added that the Bahrain International Airport Development programme was progressing well and on track to be ready for the opening of the new airport.
Buhindi commented: “Our project team is working hard to ensure our state of readiness and we are confident of delivering a world class shopping experience in the new airport on opening date.
“The new terminal is one of the largest individual projects undertaken within the Kingdom of Bahrain and we are delighted to be a part of it. We are also committed to continue seeking out other opportunities that are in line with our vision to enable us to pursue our growth and success in the years to come.”