“Bahrain Duty Free business was almost 5% down in 2013 compared with a year earlier attributable to the drop in passenger numbers. However, the first two months this year especially the February has seen 13% business increase and with F1 Grand Prix is around the corner we hope the business will be exceptionally good this year,” Fadi Allam, General Manager Bahrain Duty Free told The24X7News (www.twentyfoursevennews.com).
Fadi, on the sidelines of the Bahrain Duty Free AGM held at the Gulf Hotel on Tuesday, said that there were no job cuts despite decline in business in 2013.
“We don’t implement short term policy including the human resources as Bahrain Duty Free believes in human capital and we are even ready to take more employees if needed,” he added.
Bahrain Duty Free Shop Complex (BDFSC) announced its financial results for the full year 2013. Sales in 2013 were US$69.1million versus US$72.9million in 2012 while sales in the fourth quarter were US$18.5million versus US$19.4million in 2012. The main reason for the decline in sales was due to a fall in passengers travelling through the Airport. However, the Company said its full year net income was US$D17.1million compared to US$16.9million in 2012, while the fourth quarter produced a net income of US$3.6million up 5% from the 2012 figure of US$3.4million. Strong investment returns and good financial disciplines helped the Company maintain its net profit levels. The passenger spent per head also increased by 5% in the year backed by strong marketing campaigns. Earnings per share were 16 cents. Total Equity on the company’s balance sheet was US$110.4million 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%.
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.