Bahrain Duty Free Shop Complex (trading code DUTYF) announced at a meeting of its Board of Directors on Thursday November 09th 2023, the financial results for the nine months ended Sept 30, 2023.
Mr. Farouk Yousuf Almoayyed – Chairman of the Board, stated that the company had achieved a net profit of BD 1,376,642 during the third quarter of 2023 compared to BD 847,290 for the same quarter of the previous year representing an increase of 62.5%. The increase in net profit of the quarter compared to previous year is because of gain on disposal of investment.
Earnings per share during the quarter were 9.68 Fils compared to 5.96 Fils in the same quarter of last year.
Total comprehensive income for the quarter reduced to BD 552,166 compared to BD 996,353 in the same quarter of last year representing a decrease of 44.6%.
For the nine months ended Sept 30 2023, the company achieved a net profit of BD 3,702,556 compared to BD 2,768,738 in the previous year representing an increase of 33.7%. Earnings per share as at Sept 30 2023 were 26.02 Fils compared to 19.46 Fils last year.
Total comprehensive income reduced to BD 2,714,734 compared to BD 3,286,301 in the previous year representing a decrease of 17.4%.
Profits from investments recorded BD 4,088,886 for the nine months compared to BD 3,145,678 in the same period last year representing an increase of 30%.
Total shareholder’s equity for the period ended Sept 30, 2023, is BD 44,761,863 compared to BD 46,336,077 as at December 31 2022, down by 3.4%. Total Assets as at Sept 30, 2023, are BD 45,033,841 compared to BD 46,630,839 as December 31 2022, a decrease of 3.4%.
Commenting on the results, Mr. Farouk Al Moayyed, Chairman of the Board, stated that the strong performance of all investment continued during the period. Mr. Abdulla Buhindi, Vice Chairman added that he was pleased with the good results recorded by the Company and that the investment portfolio has demonstrated solid performance of all sectors within the portfolio.
