Bahrain Car Parks Company (Amakin) has seen its net profit for the second quarter of 2022 fall 20% to BD136,000 ($360,875) from BD170,000 in Q2, 2021 largely due to an adverse operating climate.
However, its operating income jumped of 23% to BD546,000 compared to BD444,000 for the same period in 2021.
Basic and diluted earnings per share were at 1.25 fils, compared to 1.55 fils for the same period in 2021. The company reported a total comprehensive income of BD66,000, 7% lower compared to BD71,000 reported for the same period in 2021.
Posts BD300,000 net in H1
As for the company's financial results for the six months ended June 30, 2022, net profit reached BD300,000 compared to BD368,000 reported for the same period last year, a decrease of 19%. Basic and diluted earnings per share were at 2.75 fils, compared to 3.37 fils for the same period in 2021.
The company reported a total comprehensive income of BD249,000, 16% higher compared to BD215,000 reported in the previous year, and a 23% increase in operating income, BD1.1 million compared to BD881,000 for the same period in 2021.
Total equity amounted to BD19.4 million compared to BD19.8 million for the year ended 31 December 2021, which represents a decrease of 2%. The company's assets were at BD20 million, 2% lower compared to BD20.4 million for the year ended December 31, 2021.
Efforts to innovate
Commenting on the financial results, Chairman of the company, Amin Alarrayed, said: “The results for this quarter show Amakin’s consistent efforts to innovate, explore new avenues, and enrich our consumers' lives with seamless experiences. During the quarter, we were able to demonstrate our capacity to successfully manage the company, despite the adverse operating climate, as shown by a 23% increase in operating income. In recent months, delivering on our strategy has necessitated additional investment as we focus on accelerating our strategy implementation in order to truly become a digital disruptor in the mobility industry. We continue to remain dedicated to our business plan, celebrate our accomplishments, and look forward to accelerating our transformation.”
Chief Executive Officer of Amakin, Tariq Ali Aljowder, said: “Yet again, we are progressing with our values and expressing them in just about everything we create, from new features that are designed to be more digital and efficient than ever before. This includes the expansion of the payment gateway to more locations, as well as the launch of our mobile application, which improves accessibility, as part of our longstanding commitment to achieve user convenience. As our performance has been consistent with our strategic plan, we are confident in our approach to generating profitable growth, and we will continue to prioritise operational excellence, cutting-edge solutions, and outstanding customer service in order to create long-term value for our shareholders.”
Established in October 1981, Amakin, is a public company that has been listed on the Bahrain Bourse since March 2006. The Company operates in the commercial and professional services sector and specialises in parking management and property leasing.-- TradeArabia News Service