Construction & Real Estate

Bahrain Car Parks reports $1.7m net profit in 2020

Bahrain Car Parks Company, a specialist in parking management and property leasing, has announced a net profit of BD658,000 ($1.7 million) for the full year 2020, down 26 per cent decline from BD888,000 ($2.34 million) compared to the year ended December 31, 2019.
The decline was predominantly due to the Covid-19 pandemic, which created a decline in demand for the company’s main services stemming from the government’s preventative measures to ensure effective social distancing to limit the spread of the novel coronavirus. 
Total comprehensive income attributable to the shareholders for the year decreased by 4% to BD605,000 compared with BD628,000 in 2019. Operating profit for 2020 too fell to BD529,000, compared to BD916,000 for 2019.
Announcing its financial results for the fourth quarter and full year ended December 31, 2020, Bahrain Car Parks said the total shareholders’ equity at the end of 2020 amounted to BD19.65 million compared with BD19.61 million in 2019. 
The value of the company's assets at the end of 2020 amounted to BD20.17 million compared with BD20.17 million as of December 31, 2019.
For the Q4 2020, Bahrain Car Parks said its net profit fell 61 per cent to BD105,000 ($276,911) from the previous year's figures of BD271,000 ($714,694) .
Basic and diluted earnings per share were 1 fils compared to 3 fils in the fourth quarter of the previous year. 
Total comprehensive income for the fourth quarter of the year was 185,000, down 32% compared to BD272,000 reported for the same period last year. 
It reported an operating profit in Q4 2020 amounting to BD98,000, down 64% from BD269,000 the year prior. 
The annual financial results for 2020 were driven by maximising the utilisation of Bahrain Car Parks Company’s assets despite the challenging conditions brought on by the pandemic. 
The company reported a net profit of BD658,000 representing an annual 26% decline from BD888,000 compared to the year ended December 31, 2019. 
Bahrain Car Parks Company’s board of directors recommends distributing annual dividends to shareholders representing 5% of the company’s paid-up capital, equivalent to 5 fils per share, subject to the AGM approval.
On the results, Chairman Amin Alarrayed said: "The progress we have delivered on our growth strategy and the positive results achieved demonstrate our resilience and strength despite the effects of the pandemic on the economic and social environment."
"Bahrain Car Parks maintained profitability and the ability to pay dividends to our shareholders despite the turbulent times. We look forward to continued success in 2021 with a number of significant announcements to be made soon, specifically in regard to technological improvements at our facilities," stated Alarrayed.
"We remain focused on executing our strategy to drive sustainable growth and value creation in line with the Kingdom’s 2030 Vision," he added.
Bahrain Car Parks CEO Tariq Aljowder said: "We are pleased with the positive results considering the difficult conditions in 2020. We continued delivering on our promise to provide customers with an improved parking experience at our car parks."
"One of the key milestones was the addition of the Salmaniya multi-storey parking complex to the assets under our management, providing much needed parking facilities at the Kingdom’s main medical facility," said Aljowder. 
"Other highlights during the year include supporting our community and the government’s efforts in the face of Covid19 through rental waivers and deferrals, our contribution to “Feena Khair” campaign, and providing free parking to Bahrain Covid19 Response Team at the hotline 444," he added.
"An ambitious strategy was approved during 2020 and we have a number of ongoing initiatives aimed at taking the customer journey to elevated heights in 2021," said the top official.
This year, Bahrain Car Parks Company will continue to develop its asset portfolio, upgrading the parking systems, introducing contactless payment services and increasing the number of parking spaces under our management, with the aim of becoming Bahrain’s preferred mobility partner," he added.