MANAMA: Mahmood Rafique, Editor: Bahrain Duty Free Shop Complex (BDFS), which acquired three percent shares in Abu Dhabi Duty Free Shop, and is seeking further opportunities across the region including Saudi Arabia.
Abdulla Hassan Buhindi, Chairman of the Board, on sidelines of the annual general and extra ordinary general meetings (AGM/EGM) held at Downtown Rotana Hotel, told reporters that BDFS business outlook is positive as the company continues investing in its core business and seizing opportunities across the region.
The overwhelming majority of 94.54 per cent of the total shareholding approves the financial statement for year ending December 31st, 2014. The distribution of 35 per cent of share nominal value, equivalent to thirty-five fils per share amounting BD4.98 million (approx.) to shareholders. The Chairman applauded BDFS 2024 financials as the company achieved net income of BD5million representing a growth of 17 per cent over prior year. For the full year 2024, the Company reported total income before expenses of BD6.1million representing an increase of 17.7 per cent over last year.
“This impressive financial performance is due to the arduous work of our team who consistently demonstrate their commitment to excellence. Throughout the year, we have continued to strengthen our position in the market through various initiatives. The Company has managed its investments well and with business confidence improving, the outlook is positive,” Chairman in his message said.
“On behalf of the board of directors of Bahrain Duty Free Shop Complex, I am pleased to present the annual report and financial statements of the Company for the year ended 31st. December 2024. It gives me immense pleasure to announce that we have achieved remarkable success in the past year with a significant increase in profits.
The shareholders also elected a 10-member board to serve on the board for the next three years 2025-28.
The share of profits from the Joint Venture (Bahrain Duty Free Company WLL) which recorded a figure of BD 3.9million up by 11.7 per cent compared to prior year. Income from Investment Securities was BHD1.7million representing an increase of 27.6 per cent. This increase is due to a one-off dividend received in 2024 of BHD810000 from an unquoted equity investment. The other income of BHD 282000 rose by 117000 due to additional bank interest and other miscellaneous income received during the year.
“Despite the overall success in our operating results, we experienced challenges posed by adverse market conditions that impacted our property portfolio. This resulted in the company taking an impairment provision of BHD385000 in 2024. Our operating costs in the year totaled BHD597000 showing a 3 per cent increase on the previous year. Overall, our net income generated a figure of BD5million in 2024. This represents an increase of 17 per cent compared to last year and resulted in an increase in our basic and diluted earnings per share figure which rose to thirty-five fils per share, a growth on last year’s figure of 16.7 per cent.
The company’s financial position stands at BD43.9million, indicating the overall health of the company. However, compared to the previous year, the financial position has experienced a decline of 1.9 per cent. This is due to several factors including a fall in the value of our equity securities which fell by BD1.2million and unquoted equity holdings which declined by BHD539000. During the year, the company sold some equity investment amounting to BD1.2illion. Our Equity Accounted held investment rose by BD72600, the property portfolio reduced by 5.5% due to impairment of land and property. Earned profits in the year of BD5million helped to strengthen the balance sheet. Despite these fluctuations, the company’s Balance sheet remains in a strong position and well equipped to navigate any challenges that may arise in the future.