BMMI Group posts $22.5m net profit
Manama, February 19, 2013
Bahrain-based BMMI, the diversified retail and distribution contract services and supply group with global operations spanning three continents, said its net profit for 2012 soared to BD8.6 million ($22.5 million) from BD6.7 million a year ago.
BMMI put up a solid financial and operational performance for the year ended 31 December 2012 reflecting in an overall increase to assets from BD63.4 million in 2011 to BD65.7 million last year.
The group registered a solid growth in its sales revenues which surged to BD92.3 million in 2012 from BD87.3 million the previous year.
2012 has been a very important year for BMMI; the Group has enjoyed significant growth with the highest sales volumes ever achieved. This, together with significant investment in infrastructure and systems, has laid the foundation required to take BMMI to the next level of growth, said a company statement.
On the other hand, BMMI’s Food distribution business has performed extremely well with double-digit growth in its Consumer Division and with Beverages sales well up on previous years. This has come about through improved distribution and stock management practices, it added.
Significant resources have been dedicated to the implementation of new systems and procedures across the company’s network to include an Integrated Management Systems certification which now provides BMMI with the underlying qualifications to further expand its Contracting business with governments, NGOs and other international operations.
Commenting on the year’s performance, BMMI Group chairman Abdulla Buhindi, said: “As we look forward to 130 years of operations, I am pleased to say that BMMI once again achieved strong financial results with year-on-year improvements across all our businesses. We continued to operate from a position of strength in 2012 with zero leverage, strong balance sheets and cash reserves.”
BMMI president and CEO Gordon Boyle stressed the importance of its corporate culture in the continued success.
"I am delighted that BMMI has clearly demonstrated strength and diversity of operations allowing it to reduce volatility, absorb set-backs and to capitalize on new opportunities in ways that many companies simply could not," he noted.
"Through its people and its inherent culture, the Group has produced a solid financial result over the course of the year and, additionally, has continued to progress the betterment of its management and operational systems," he added.-TradeArabia News Service