November 7 2017  |  Retailers

Bahrain Duty Free posts US$15.5 million net profit in Q3

By Hibah Noor

Bahrain Duty Free Shop Complex has announced the financial results for the nine months ended September 30 2017.

Mr Farouk Yousuf Al Moayyed, Chairman of the Board, said that for the nine months ended September 30, 2017 the company has achieved net profits of US$15.5 million, up 9.1% compared to last year’s figure. Sales climbed grew 9.0% to US$62.2 million.

In the three months ended September 30, sales were up 9.4% to US$22,248,135. Net profit of US$5,955,798 rose 10.5% compared to the prior-year quarter.

Mr. Abdulla Buhindi, Managing Director, said profits from investments increased 5.3% to US$4,309,862. The investment portfolio jumped by 19.9% during the year and now stands at US$103.2 million.

He added that the company’s upgrade of all shops in the departures area had had a direct impact on the sales increase during the year, and the retailer remained focused on delivering first class customer service and unique shopping experience for all its customers.

 

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