business MANAMA: Bahrain Duty Free Shop Complex (DUTYF) is positive on steady growth in line with the good results achieved in the first quarter of 2019, says Farouk Y. Al Moayyed the Board Chairman.
Farouk Y. Al Moayyed, was speaking to The24X7News Bahrain (www.twentyfoursevennews.com) on the sidelines of the Company AGM/EGM held on Tuesday, and said that the Company had posted good results in 2018 with an increase of profits of over 5% compared with the 2017. “The business trends in the first quarter of 2019 was very encouraging and hope this trend will lead to good business year for the Company,” Farouk Y. Al Moayyed, says.
“The 2018 had produced excellent results with double digit growth in revenues and operating profits. “The Company has made important strategic progress to ensure continued success for the Company in the future,” he adds.
Managing Director Abdulla Buhindi, while commenting on the 2018 results adds that sales growth had surpassed budget and prior year expectations.
“The company’s excellent growth in sales and operating profits were a testament to the Company’s decision in 2016 to make a significant capital investment in renovating the shops at the Airport. Many new brands and initiatives were introduced in the perfumery and cosmetics area as well as a new Premium Watch boutique all contributing to the overall performance of the shop.”
Earlier, the overwhelming majority of 76% of the total shareholding of the Bahrain Duty Free Shop Complex (DUTYF) during the annual general meeting (AGM) and EGM have approved the payment of the cash dividend of BD7.11 million for the financial year of 2018.
The AGM and EGM meetings were chaired by Farouk Y. Al Moayyed Chairman and attended by the board members and the shareholders also elected the new board of directors following an election in presence of the representatives of regulators and external auditors.
Addressing the general assembly, Farouk Y. Al Moayyed the Board Chairman informed the shareholders about the performance in 2018 and healthy start of business in the first quarter of the current year.
The Company had announced that it had achieved a net profit of BD 7.47 million compared to BD 7million in the previous year representing an increase of 5.3%. The company also achieved an operating profit of BD 6.09million compared to BD 5.39 million in the previous year representing an increase of 13.1%. Total operating expenses BD 13.46million compared to BD 11.84million in the previous year representing an increase of 13.6% during the year and within this the main driver was Royalty expense of BD 5.94 million compare to BD 4.93 million in the previous year which was up 20.5%.
Total comprehensive income BD7.87 million compared to BD5.99 million in the previous year representing an increase of 31.3% mainly due to other comprehensive income for the year was BD 399,508 compared to a negative BD1.13 million last year, the improvement as a result of positive gains on our Securities held during 2018. Revenue of BD 36.41 million were achieved compared to BD 31.98 million in the previous year representing an increase of 13.8%.Total investment income BD 1.37 million compared to BD 1.70million in the previous year representing an decrease of 19.4%due primarily to impairments taken in the year on our Property Investment Portfolio.
Total shareholders’ equity for the year 2018 was BD 51.25 million compared to BD 49,96 million last year, up by 2.6%. Total assets were BD59.19 million compared to BD 56.75 million in the previous year, an increase of 4.2%. Basic earnings per share rose 6% to 53 fils per share compared with 50 fils in 2017.