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Almoayyed and Buhindi at the meeting.

Bahrain Duty Free net profit surges 32pc

MANAMA, February 17, 2015

Airport retailer Bahrain Duty Free said its net profit for 2014 hit $22.7 million, up 32.7 per cent over $17.1 million the previous year.

The Bahrain Duty Free shop complex saw its basic earnings per share increase 35.6 per cent amounting to 21 US Cents over 16 US cents the previous year.

The retailer said the fourth quarter net profit too witnessed solid growth increasing to $7.48 million from $3.92 million the year before. The financial results for 2014 show a 7.5 per cent growth in shareholder’s equity which hit $118.7 million compared to $110.4 million in 2013.

Announcing the results at the board meeting, Farouk Almoayyed, the chairman said Bahrain's airport retailer had recorded the highest profits in the company's history, thanks to the new sales strategy with focus on variety and quality of goods and new marketing campaigns and customer service.

The sales of goods increased by 7.8 per cent to $74.5 million in 2014 compared to $69.1 million the previous year. The sales in the fourth quarter hit $19.6 million, up  5.8 per cent compared to $18.7 million in 2013, stated Almoayyed.

According to him, the profit from investments resulted in the record growth of 75.8 per cent which hit $9.93 million compared to $5.65 million. The investment portfolio increased by 15.5 per cent to $76.6 million, he added.

Impressed with the results, the board has recommended a cash dividend of 13 US Cents per share to the shareholders, of which 5 US Cents per share interim dividend will be paid during the year. The board has also recommended a bonus share issue of 10 per cent.

Abdulla Buhindi, the managing director, said 2014 had been a fruitful year beginning with the solid 10.4 per cent rise in the number of passengers touching down at the Bahrain International Airport.

He pointed out that the year also saw the completion of the refurbishments of several Bahrain Duty Free shops, including the Arrivals shop in addition to the launch of a new fashion shop, featuring many new international brands.

According to him, the ongoing initiatives taken by the company to renew its stores have had a positive impact in enriching the shopping experience for travellers passing through Bahrain International Airport.

Buhindi also lauded Bahrain Duty Free and Bahrain Airport Company for winning the Frontier Award for Best Marketing Campaign by a Retailer/Airport of 2014 at the global Duty Free conference held in Cannes, France, last year.-TradeArabia News Service




Tags: airport | Bahrain Duty Free |

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