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Chairman Farouk Al Moayyed

Bahrain Duty Free records $77m revenues, up 3.3pc

MANAMA, February 10, 2016

Bahrain Duty Free Shop Complex (BDFSC) has reported gross revenues of $77 million for last year, achieving a 3.3 per cent growth over previous year. 
 
The operating profit was $13.7 million, a growth of 14.3 per cent over last year, said a statement.
 
The investment income for the year was $8.9 million, down 9.7 per cent on prior year due to an exceptional gain on the disposal of an investment property in 2014. 
 
Meanwhile, the net profits recorded were $23.7 million, producing a growth of 4.4 per cent compared to 2014. 
 
Commenting on the results, Farouk Al Moayyed, chairman, said that 2015 had produced the company’s highest ever net profits which were testament to its operational and investment strategies. 
 
The firm has made important strategic progress to ensure continued success, he said.
 
Abdullah Buhindi, managing director, said that passenger volumes increased 5.9 per cent compared to last year and along with several marketing initiatives contributed to the increase in sales. 
 
The company had approved a capital budget for 2016 aimed at totally renovating and upgrading all of its shops in the departures area in the airport bringing in new brands and a wider choice of quality goods for the passenger, he said.
 
This investment will position the business on a stronger foundation for sustainable growth and profitability in the years ahead, he added. - TradeArabia News Service



Tags: Bahrain | increase | profit | Free | duty |

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