Bahrain Duty Free reports nine-month net profit of $18.8m

For the third quarter of 2015, the company posted a net profit of $5.05 million a decline of 14.8% compared to the same period last year. The decline relates to higher 2014 investment income from profits on disposals of investments. The financial results for 2015 show an increase of 3.2% in shareholder equity from $118.6 million (2014 year-end) to $122.4 million.

The Group reported gross revenues of $57.3 million ($54.9 million in 2014) achieving a 4.3% growth.

Chairman Farouk Almoayyed said that the nine-month profits were excellent and complemented the company’s operational and investment strategies.

Managing director Abdulla Buhindi  added: “Profits from investments in the nine months up to September were $7.4 million increasing by 27.3% up from $5.8 million last year. The investment portfolio decreased by 1.1% during the period due to the disposal of some investments.”