Bahrain Duty Free Shareholders Approve BD 7 Million DividendSource: www.export-egypt.com 3/26/2019, Location: Middle East |
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The shareholders of Bahrain Duty Free Shop Complex (DUTYF) on Tuesday during the annual general meeting (AGM) have approved the payment of the cash dividend of BD7.11 million for the financial year of 2018.
The AGM and EGM meetings were chaired by Farouk Y. Al Moayyed Chairman and attended by the board members and the shareholders who also elected the new board of directors following an election in presence of the representatives of regulators and external auditors. Addressing the general assembly, Farouk Y. Al Moayyed the Board Chairman informed the shareholders about the performance in 2018 and healthy start of business in the first quarter of the current year. Earlier the Company announced that it had achieved a net profit of BD 7.47 million compared to BD 7million in the previous year representing an increase of 5.3 per cent. The company also achieved an operating profit of BD 6.09 million compared to BD 5.39 million in the previous year representing an increase of 13.1 per cent. Total operating expenses BD 13.46 million compared to BD 11.84 million in the previous year representing an increase of 13.6 per cent during the year and within this the main driver was Royalty expense of BD 5.94 million compare to BD 4.93 million in the previous year which was up 20.5 per cent. Total comprehensive income BD 7.87 million compared to BD 5.99 million in the previous year representing an increase of 31.3 per cent mainly due to other comprehensive Income for the year was BD 399,508 compared to a negative BD 1.13 million last year, the improvement as a result of positive gains on their Securities held during 2018. Revenue of BD 36.41 million were achieved compared to BD 31.98 million in the previous year representing an increase of 13.8 per cent. Total investment income BD 1.37 million compared to BD 1.70 million in the previous year representing an decrease of 19.4 per cent due primarily to impairments taken in the year on their Property Investment Portfolio. Total shareholders’ equity for the year 2018 was BD 51.25 million compared to BD 49,96 million last year, up by 2.6 per cent. Total assets were BD59.19 million compared to BD 56.75 million in the previous year, an increase of 4.2 per cent. Basic earnings per share rose 6 per cent to 53 fils per share compared with 50 fils in 2017. |
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