MANAMA: Bahrain Duty Free Shop Complex reported on Monday reported net profit of BD8.5million for 2014, thanks to the increased number of the passengers at the Bahrain International Airport (BIA), according to the top official at the board.
“The financials of 2014 reflects the enhanced activity at the BIA and we expect even better results as two investments made by the Company will be matured to exist this year,” Chairman of the board Farouk Yousuf Almoayyed on the sidelines of the Company’s AGM told The24x7News Bahrain (www.twentyfoursevennews.com).
Talking about the Duty Free expansion plans, Almoayyed said the upcoming Bahrain International Airport expansion project.
The annual general meeting (AGM) of Bahrain Duty Free which was attended by 80% of the total shareholding and chaired by Farouk Yousuf Almoayyed who told the shareholders that the Company had achieved a net profit of BD8.56 million for 2014 recording a growth of BD2.1 million or 32.7% compared to prior year. Earnings per share increased to 80fils from 59fils per share.
Almoayyed added that based on the results, the shareholders approved during the AGM, the distribution of a cash dividend of BD5.34 million or equal to 50fils per share, the allocation of BD168,000 for director fees, and a transfer to the Charity Reserve account of BD171,094.
During the EGM, the shareholders approved the increase in the issued and authorized share capital from BD10.68 million to BD11.75million.
Almoayyed explained that the Company’s strategy in the variety and quality of goods and the focus on marketing campaigns as well as customer service were all instrumental in increasing sales by 7.8% for 2014 with total sales of BD28.1 million.
“The investment earnings surpassed expectations by recording BD3.75million in 2014, a jump of 75.8% on a year earlier. The investment portfolio increased by 15.5% and now stands at BD 28.9 million.
Almoayyed said that 2014 was full of accomplishments where Bahrain International Airport witnessed a 10.4% increase in passengers.
He added that Bahrain Duty Free had completed many shop refurbishments during 2014, including the Arrivals shop and the opening of a new fashion shops featuring many new International brands.
Almoayyed stressed that the ongoing initiatives taken by the Company to renew its stores had a positive impact in enriching the shopping experience for travelers passing through the Airport. Almoayyed praised the global accomplishment of Bahrain Duty Free and Bahrain International Airport which culminated in the successful partnership to win the Frontier award for best marketing campaign by a Retailer/Airport for 2014 announced during the global duty free conference in October 2014 at Cannes, France.