Manama, Kingdom Of Bahrain; Bahrain Duty Free Shop Complex (BDFSC) on Tuesday May 12th announced its financial results for the first quarter of 2015.
The Group posted a net profit of US$ 6,181,366 representing a 28.5% growth in the quarter up from US$ 4,808,928 last year. Basic earnings increased by 30.1% to 5 US cents per share.
The financial results for 2015 show a slight decline in shareholder equity from US$ 118,674,576 to US$ 116,827,464 (December year-end) due mainly to a dividend distribution in the quarter.
The Group reported Gross Revenues of US$ 17,483,398 (US$ 17,007,090 in 2014) achieving a 2.8% growth. Investment income for the quarter performed well with an income of US$ 3,232,188 compared US$ 1,895,838 in the same quarter last year. This 70.5% increase includes a capital gain of US$ 1,298,947 on the disposal of an Investment Property. The investment portfolio grew 3.3% in the quarter and now stands at US$ 79,133,186.
Commenting on the results, the Managing Director Mr. Abdulla Buhindi said that the Company had produced another solid performance in the first quarter of 2015 on the back of strong passenger growth, an improved selection of goods as well as active marketing campaigns and good customer service. He went on to say that our overall profitability remains strong and we hope to build on this momentum in the coming quarters this year.