Sales for Bahrain Duty Free Shop Complex (BDFSC) reached US$69.1m in 2013, -5.2% from 2012’s sales of US$72.9m, while sales in Q4 declined by nearly US$1m to US$18.5M (US$19.4m in 2012).
BDFSC attributes the decline in sales to a fall in passengers travelling through the Airport. However, the company said its full year net income was US$17.1m up slightly from US$16.9M in 2012, while the fourth quarter produced a net income of US$3.6m up 5% from the 2012 figure of US$3.4m.
“Strong investment returns and good financial disciplines helped the company maintain its net profit levels,” says BDFSC. Passenger spend per head also increased by 5 % in the year helped by strong marketing campaigns.
[Left: BDFSC Chairman Farouk AlMoayyed.]
Earnings per share were 16 cents. Total Equity on the Company’s Balance Sheet was US$110.4m representing a growth of 10.7% on previous year.
Chairman Farouk AlMoayyed said the Company’s performance was a good result achieved in spite of the difficulties and the challenges faced in 2013.
AlMoayyed added that the Board of Directors resolved to recommend at the next Ordinary Annual General Meeting the distribution of a cash dividend of 55%.
[Right: BDFSC Managing Director Abdulla Buhindi.]
Managing Director Abdulla Buhindi added that the Company had now completed two major projects in 2013 in the relocation of the company’s headquarters to a new location beside the airport and the renovation of the Arrivals Shop.