Bahrain Duty Free shareholders approve financials for 2022

In an ordinary general assembly, the overwhelming majority of 67.86 per cent of the total shareholding of Bahrain Duty Free Shop Complex (BDFS), approved the financial statement for the year ending on 31 December, 2022.

The BDFS has reported a net income of BD 3.7 million representing a growth of 72.5 percent over the previous year even though 2022 has been a challenging year for the global economy with persistent inflation pressures and consequent interest rates hikes by Central Banks around the world to combat inflation.

Based on the financial results, the board of directors have approved a full year cash dividend of 30 fils per share.

BDFS Chairman Farouk Yousif Almoayyed told shareholders that despite the challenging year, the Company has managed its investments well and with business confidence improving, the performance has been very impressive and the outlook remains positive.

The Chairman said that the strong performance was derived mainly from our joint venture company which realized good sales and profits in the quarter and year to date. He went on to say that the company is on course to exceed its 2021 net income results due to an improvement in market conditions and resilient performance of all the investment portfolio.

Abdulla Buhindi, Vice Chairman added that he was pleased with the good results recorded by the Company and that the investment portfolio had performed well compared to 2021 through solid performance of all sectors within the portfolio.

For the full year 2022, the Company reported total income of BD 4.5million representing an increase of 34.2% over last year. Net income of BHD 3.7m was achieved in 2022. This represents an increase of 72.5% compared to last year. Earnings per share are 26 fils compared to 15 fils in 2021.

Bahrain Duty Free’s balance sheet continues to be healthy and strong with a total investment portfolio of BD 44.8million and total assets standing at BD46.6 million. During the year shareholders’ equity reached BD46.3 million.