Bahrain Duty Free reveals decrease in profits during first nine months of 2019

By Andrew Pentol |

Abdulla-Bahrain-DF

Abdulla Buhindi, Managing Director, Bahrain Duty Free Shop Complex.

Bahrain Duty Free Shop Complex has reported net profit of $16.8m in the first nine months of 2019 compared to $17.7m during the previous corresponding period in 2018. This represents a 5.6% drop, mainly due to decreased investment income.

Revenue for the nine months grew +2.3% to $73.6m, compared to $71.9m last year. Earnings per share as of 30 September 2019 were 11.77 US Cents compared to 12.47 US Cents in the nine-month period last year.

The company also registered operating profit of $12.5m during the nine months compared to $12.1m last year, an increase of 3%. Total comprehensive income for the nine months was $19.5m compared to $18.7m the previous year. This equates to an increase of +4.4%.

THIRD QUARTER PROFIT DECREASE

In the third quarter, Bahrain Duty Free reported a -1.6% drop in net profit to $5.4m.

Revenues in the third quarter dropped -2.2% to $25m from $25.7m in Q3 2018. Earnings per share during the quarter were 3.77 US Cents compared to 3.83 US Cents in Q3 2018. The decreased in profit during Q3 is mainly due to a fall in investment income, according to the company.

Operating profit rose +2.7% to $4.4m from $4.2m the year previous year. Total comprehensive income increased to $6.6m from $ 5.9m during the previous year, an increase of +11.4%.

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Bahrain Duty Free revenue for the first nine months of 2019 grew +2.3% to $73.6m compared to $71.9m last year.

Abdulla Buhindi, Managing Director, Bahrain Duty Free Shop Complex said: “We have focused our efforts on increasingly supporting the sales process that has contributed to an increase in the average transactional value including our customer service efficiency.”

He also added that the Bahrain International Airport Development programme is progressing well.

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