MANAMA: The Board of Directors Bahrain Duty Free Shop Complex (BSC), during its meeting has recommend the distribution of dividend of BD7.12 million for the year ending 31 December 2019.
This proposed dividend is subject to the approval of the company’s shareholders on the upcoming Annual General Meeting on March 24 March 2020. The proposed distribution will comprise cash dividend 50 per cent of share nominal value, equivalent to 50 fils per share amounting to BD 7,113,597 (the proposed annual cash dividend includes 20% declared and paid to the shareholders as interim dividend on August 2019)
Earlier, the board of the Bahrain Duty Free was informed about net profits of BD7.5million for 2019. Bahrain Duty Free Shop Complex (DUTYF) announced at a meeting of its board of directors the financial results for the year ended 31 December 2019.
Talking about the 4th quarter, Farouk Yousuf Almoayyed Chairman of the Board, said that the company had achieved a net profit of BD 1,182,108 compared to BD 779,572 in the previous year’s corresponding quarter representing anincreaseof51.6%. This growth coming from an increase of 11.6% in operating profits which were BD1,703,454 compared to BD 1,526,896 last year and strong growth in sales. Revenues of BD 9,873,219 were achieved during the fourth quarter compared to BD 9,297,460 in the same quarter of the previous year representing an increase of 6.2%. Investment income in the quarter was a negative BD520,876 due to impairment provisions taken, while the investment has decline with an improvement on last year’s figure thereby giving a positive increase of 30.3% quarter on quarter. Earnings per share are 8.31fils compared to 5.48 fils in the corresponding quarter of last year. Total comprehensive income was BD 1,555,544 compared to BD 824,980 in the same period of last year, an increase of 88.6%.
In terms of full the company achieved a net profit of BD 7,498,653compared to BD 7,469,566in the previous year representing an increase of 0.4%. Revenues of BD 37,605,146 were achieved during 2019 compared to BD 36,402,364 in the previous year representing an increase of 3.3%. Operating profits grew by 5.2% from BD 6,099,755 last year to BD 6,416,039 in 2019, while investment income recorded a figure of BD 1,082,464 compared to BD 1,369,811 in the previous year, a reduction of21.0%. The decline in investment income being due mainly to impairment provisions taken in the investment portfolio and reduced dividend income. Basic earnings per share is52.71fils for 2019 as compared with 52.50fils in 2018.
Total comprehensive income for 2019 was BD 8,909,139compared to BD 7,869,074 last year, an increase of 13.2%. Shareholders’ equity for the year stands at BD 52,918,181compared to BD 51,247,515last year, up by 3.3%while total assets are 61,987,257comparedto BD 59,128,446in the previous year, an increase of 4.8%. The Chairman said that 2019 had produced excellent results. Based on these results, the Board of Directors have recommended the distribution of dividends of 50% of the share capital, equivalent to 50fils per share subject to shareholder approval.
Abdulla Buhindi, Managing Director added that the Bahrain International Airport Development programme is still progressing and is on track to be ready for the opening of the new airport. “Our project team is working hard to ensure our state of readiness and we are confident of delivering a world class shopping experience in the new airport on opening date. The new terminal, is one of the largest individual projects undertaken within the Kingdom of Bahrain and we are delighted to be a part of it. We are also committed to continue to seek out other opportunities that are in line with our vision to enable us to pursue our growth and success in the years to come.”
