In the first half of this year – ending 30 June – Bahrain Duty Free reported net profits of US$9,588,122, which was an increase of 7.5% year-on-year (up from $8,918,796) according to Farouk Yousuf Al Moayyed – Chairman of the Board.

 

Sales grew by 9.1% in the first half to US$39,999,135, up from US$36,658,109 last year, while growth was more pronounced in Q2 at 11.6% year-on-year.

 

However, Bahrain Duty Free does concede that net profits saw a decline of -9.3% to US$3,747,806, in the second quarter (yoy) due to a fall in dividend income from the investment portfolio.

 

Chairman Al Moayyed, said that the company had achieved a ‘solid six month performance’ and that the Board of Directors have recommended a cash dividend of 20% to the shareholders valued at 5.3 US Cents per share.

 

SHOP UPGRADE SEES BOOST TO SPEND LEVELS

Abdulla Buhindi (left) added that profits from investments decreased by 12.8% in the first half due to reduced dividend income in the period.

 

Buhindi also said that the company’s upgrading of all shops in the departures area is now complete and has had a direct impact on the increase of sales and spend per head in the first half of the year.

 

He concluded by stating that the company remains focused on ‘delivering a first class customer service and unique shopping experience for all our customers’.