Bahrain Duty Free Shop Complex BSC (BDFS) reported a net profit attributable to its equity shareholders of BD 6.4 million for the year ended 31 December 2012. This represents an increase of 17.4% over 2011. Total revenue grew by 2.7% for the year 2012 amounting to BD 27.5 million compared to BD 26.8 million in 2011. Gross profit increased by 6% in value and gross profit margin moved up by a further 3.2% when compared to 2011. Operating cost reduced by 6.4% and operating profit as a result, increased by 22.5%.
Investment income of BD2.2 million was recorded giving an increase of 8% on prior year. Impairment on investments reduced by 53% amounting to BD 0.4 million compared to 2011. The investment portfolio at yearend 2012 had a value of BD 18.3 million, which grew by 36.6% over last year driven mainly by new investments. Return on average equity for the year stood at 17.4%, an increase of 13.7% over 2011. Earnings per share were 65.4 fills, a growth of 18.3% year on year.
The Board of Directors has recommended a cash dividend 50 fils per share (2011: 50 fils) of which 20 fils was distributed in 2012. A bonus ordinary share issue of 10% (2011: 10%), is also recommended to augment the share capital.
Despite the continuing difficulties faced in 2012, our financial results above demonstrate the resilience of Company to return another strong financial performance. 2013 is expected to be a challenging year and the Company remains focused to achieve another exceptional performance.