August 7 2018  |  Retailers

Bahrain Duty Free Shop profits jump 28% in first half

By Hibah Noor

Mr Farouk Almoayyed, Chairman of the Board, Bahrain Duty Free Shop Complex

Bahrain Duty Free Shop Complex has announced a surge in second-quarter profits in a stellar first half.

Mr Farouk Yousuf Almoayyed, Chairman of the Board, said the company had achieved a net profit of US$4,987,156 during the second quarter of 2018, up 33.1% year-on-year.

The company also achieved a 12.4% jump in operating profit in the quarter to US$3,918,430.

The company achieved a 15.9% upswing in revenue/sales of US$23,399,212 during the period.

The increase in net profit relates to an uptick in revenues of US$3,208,218, generating a gross profit of US$1,607,459.

For the half-year, the company’s net profit jumped by 28.3% year-on-year to US$12,300,379. Operating profit rose 12.3% to US$7,860,218.

Mr Abdulla Buhindi, Managing Director, said the company achieved a 15.6% upswing in revenue/sales to US$46,233,151.

The increase in net profit for the half-year end in comparison to last year relates to good volume growth in sales with an increase of US$6,234,016, lifting gross profits by US$3,034,170.

He added: “We have focused our efforts on increasingly supporting sales processes that have contributed to an increase in the average transaction value, including upgrading our customer service efficiency.”

Mr Almoayyed concluded that the company had succeeded in achieving outstanding financial results during the first half, and thanked the executive management and all the employees of the company for their hard work and continuous efforts.

He also expressed his confidence in the executive management continuing to achieve further growth during the remainder of 2018.

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