November 7 2018  |  Retailers

Bahrain Duty Free posts “outstanding” results during 2018 as revenues and profits surge

By Mary Jane Pittilla

Bahrain Duty Free achieved strong sales in the third quarter and year to date

Bahrain Duty Free Shop Complex has announced strong third-quarter and nine-month financial results.

For the third quarter, the operator generated revenues of US$25,663,146, up 15.3% compared to the year-ago period.

Operating profits were up 7.4% to US$4,272,034, helped by strong sales growth in the quarter.

Net profits were US$5,447,883, down 8.5%, due to reduced dividend income recorded during Q3.

For the nine-month period, the company achieved a net profit of US$17,745,607, an increase of 14.2%. Operating profit totaled US$12,132,252, up 10.5%.

Year-to-date revenues climbed 15.5% to US$71,896,297. Net profits for the nine months were US$17,745,607 and grew 14.2% due to strong investment income growth and operating profits coming from strong sales achieved in the nine months of 2018.

Bahrain Duty Free Chairman Mr Farouk Almoayyed said the company had succeeded in achieving “outstanding” financial results during the year, and thanked the executive management and all the employees of the company for their hard work and continuous efforts.

He also expressed his confidence in the executive management continuing to achieve further growth during the remainder of 2018.

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