BMMI Group reports strong gains, achieving a net profit of BD8.6m for 2012

BMMI entered 2012 with the satisfaction of having provided consistent returns for our shareholders during the difficult year of 2011 and our business confidence has now witnessed another year of strong success. The Group has grown its sales revenues considerably: Total sales reached BD92.3m in 2012, up from BD87.3m the previous year. Net profit of BD8.6m was up from BD6.7m in 2011, reflected in an overall increase to assets from BD63.4m in 2011 to BD65.7m in 2012.

2012 has been a very important year for BMMI; the Group has enjoyed significant growth with the highest sales volumes ever achieved. This, together with significant investment in infrastructure and systems, has laid the foundation required to take BMMI to the next level of growth. On the other hand, BMMI's Food distribution business has performed extremely well with double-digit growth in its Consumer Division and with Beverages sales well up on previous years. This has come about through improved distribution and stock management practices. Significant resources have been dedicated to the implementation of new systems and procedures across the company's network to include an Integrated Management Systems certification which now provides BMMI with the underlying qualifications to further expand its Contracting business with governments, NGOs and other international operations.

Commenting on the year's performance, BMMI Group Chairman, Mr Abdulla Buhindi, said: "As we look forward to 130 years of operations, I am pleased to say that BMMI once again achieved strong financial results with year-on-year improvements across all our businesses. We continued to operate from a position of strength in 2012 with zero leverage, strong balance sheets and cash reserves."

President and Chief Executive Officer, Mr Gordon Boyle stressed the importance of BMMI corporate culture in their continued success: "I am delighted that BMMI has clearly demonstrated strength and diversity of operations allowing it to reduce volatility, absorb set-backs and to capitalize on new opportunities in ways that many companies simply could not. Through its people and its inherent culture, the Group has produced a solid financial result over the course of the year and, additionally, has continued to progress the betterment of its management and operational
systems."