Bahrain Duty Free Shop Complex sales rose +8.6% to $54.9m from 4.7m passengers – up 10.8% in the first nine months of 2014.

 

Contributing to this were third quarter sales of $18.3m, up 4.6%, with operating costs falling 2% and profits before investment income up 8.9%. During this quarter, the company also achieved a net income of $5.9m, a rise of 44.7% compared to the same period last year.

 

It said in a statement that this ‘exceptional growth’ was due to the disposal of ‘an investment’ where a profit of $1.4m was earned.

 

BAHRAIN RETURNS $15.2M PROFIT

Over the full nine-month period BDFSC achieved a net profit of $15.2m, up 12.3% on the same period last year. Operating costs over the nine-month period grew by 2.1%, while operating profits increased by 11.4%.

 

Investment income of $6.7m also increased by 28.2% for the nine months, with total equity on BDFSC’s balance sheet reported at $111.9m – an increase of 1.4% in the period compared to last year.

 

Chairman Farouk Al Moayyed (pictured) referred to the first nine months profits as ‘excellent’ and was complementary about the company’s operational and investment strategies. He also acknowledged that in addition to the healthy passenger numbers, the marketing campaigns, varied product mix and enhancements to customer service also impacted on increasing the sales.

 

He said the company remains committed to continuing its renovation and upgrading of the retail outlets, having already completed phase one of the project. Phase two is said to be commencing ‘in the near future’.