Manama, March 17 (BNA): The vast majority of 67.86% of the total shareholding of the Bahrain Duty Free Shop (BDFS) at the Ordinary General Assembly meeting approved the financial statements for the year ending on December 31, 2022.
BDFS recorded a net income of BD 3.7 million representing a growth of 72.5 percent over the previous year although 2022 was a challenging year for the global economy with persistent inflation pressures and consequent hike in interest rates by central banks across the board. around the world to fight economic inflation.
Based on the financial results, the Board of Directors approved the distribution of cash dividends for the full year at 30 fils per share.
Farouk Yousef Almoayyed, Chairman of the Board of Directors of BDFS, told the shareholders that despite the challenges the company witnessed, the company managed its investments well with the improvement in business confidence, but the performance was very impressive and the outlook remains positive.
The Chairman said the strong performance is mainly derived from our joint venture which has delivered healthy sales and profits in the quarter and year to date. He went on to say that the company is on track to surpass its net income results for 2021 due to improved market conditions and resilient performance of all investment portfolios.
Abdullah Buhindi, Vice Chairman of the Board of Directors, added that he is pleased with the good results achieved by the company and that the investment portfolio performed well compared to 2021 through the strong performance of all sectors within the portfolio.
For the full year 2022, the company reported total income of 4.5 million Bahraini dinars, which represents an increase of 34.2% over last year. A net profit of BD 3.7 million was achieved in 2022. This represents an increase of 72.5% compared to last year. Earnings per share amounted to 26 fils, compared to 15 fils in 2021.
The balance sheet of Bahrain Duty Free remains strong and strong, with the total investment portfolio reaching 44.8 million Bahraini Dinars, and the total assets reaching 46.6 million Bahraini Dinars. During the year, shareholders’ equity amounted to BD 46.3 million.