To mark the running of the 11th Formula 1 race in Bahrain on April 19th, Bahrain Duty Free partnered with MasterCard for a month long promotional campaign which will reward all customers shopping and paying using their MasterCard credit card with a shopping voucher with a value of up to 15% of their purchase value. The promotion is running for the month of April; in all of its duty free outlets at Bahrain International Airport.
Bahrain Duty Free Deputy General Manager, Bassam Al Wardi commented on the initiative by highlighting that the company are delighted to once again partner with MasterCard with this initiative; particularly given the importance of the Formula 1 event within the Kingdom of Bahrain. The race is the highest profile event to take place in Bahrain each year; with in excess of 4,000 visitors coming to Bahrain in the run up to the race; and it gives us as a company an opportunity to ensure that they not only receive the best possible service, but also an amazing promotional offering.
Girish Nanda, Area Head - Saudi Arabia, Bahrain and Yemen, MasterCard commented: “We are delighted to partner with Bahrain Duty Free and to provide MasterCard credit cardholders with a rewarding experience as they arrive to witness one of the most exciting sporting events in the region. MasterCard credit cards enable customers to make fast, convenient and secure purchases using a range of innovative payment solutions anytime and anywhere.”
The results of the campaign speak for themselves; as after the first 20 days of the campaign sales using MasterCard in excess of 50 Bahraini Dinars increased by in excess of 128%.
The campaign runs until April 30th.
Awards 50% cash dividend to Shareholders & a Bonus Share issue of 10%
The annual general meeting (AGM) and extraordinary general meeting (EGM) of Bahrain Duty Free Shop Complex was held on Monday March 9 2015 and chaired by Chairman Mr. Farouk Yousuf Almoayyed.
In the meeting, Mr. Almoayyed announced that the Company had achieved a net profit of BHD 8,557,679 for 2014 recording a growth of BHD 2,109,794 or 32.7% compared to prior year. Earnings per share increased to 80fils from 59fils per share. Almoayyed added that based on the results, the shareholders approved during the AGM, the distribution of a cash dividend of BHD 5,344,551 (50fils per share), the allocation of BHD168,000 for Director Fees, and a transfer to the Charity Reserve account of BHD 171,094.
During the EGM, the shareholders approved the increase in the issued and authorized Share Capital from BHD10,689,102 to BHD 11,758,012.
Mr. Almoayyed explained that the Company’s strategy in the variety and quality of goods and the focus on marketing campaigns as well as customer service were all instrumental in increasing sales by 7.8% for 2014 with total sales of BHD 28,079,807 recorded. He went on to say that investment earnings surpassed expectations by recording BHD3,745,910 in 2014, a jump of 75.8% on a year earlier. The Investment Portfolio increased by 15.5% and now stands at BHD 28.9 million.
Mr. Almoayyed explained that 2014 was full of accomplishments where Bahrain International Airport witnessed a 10.4% increase in passengers. He added that Bahrain Duty Free had completed many shop refurbishments during 2014, including the Arrivals shop and the opening of a new fashion shop featuring many new International brands. Almoayyed stressed that the ongoing initiatives taken by the Company to renew its stores had a positive impact in enriching the shopping experience for travelers passing through the Airport. At the same time, he praised the global accomplishment of Bahrain Duty Free and Bahrain International Airport which culminated in the successful partnership to win the Frontier award for best marketing campaign by a Retailer/Airport for 2014 announced during the global duty free conference in October 2014 at Cannes, France.
Bahrain Duty Free announced its sponsorship of the ITF Future Tennis Tournament, it is set to take a place from the 23rd of March until the 4th of April 2015, to be held at the Bahrain Tennis Club Court in Juffair. The Two week tournament is held under the patronage of HH Shaikh Nasser Bin Hamad Al Khalifa, President of the Supreme Council of Youth & Sports and Bahrain Olympic Committee.
Mr. Bassam Al Wardi, Deputy General Manager at Bahrain Duty Free commented “ Bahrain Duty Free is delighted to continue its support of this well respected international sporting tournament. During the past few years, Bahrain branded itself as a regional destination for sports, cultural and economical events. We remain committed towards such initiatives that support the development of the Kingdom and wish all the players the best of luck”
On this Occasion, Mr. Khamis Al Muqla thanked Bahrain Duty Free for this support and generous gesture, he expressed his wish that it would continue in the future tournaments
Bahrain Duty Free Shop Complex announced at a meeting of its Board of Directors on Tuesday February 17 2015, the financial results for the year ended December 31 2014. The Company posted a net profit of US$ 22.7m compared to previous year's earnings of US$ 17.1m representing an increase of 32.7%. Basic earnings per share saw an increase of 35.6 % amounting to 21 US Cents (16 US Cents a year earlier). It also saw the financial results for the fourth quarter of 2014 improve with net profit of US$ 7,484,536 compared to a profit of US$ 3,925,663 last year, an increase of 110.3 % . The financial results for 2014 show a 7.5% increase in Shareholder’s equity to US$ 118.7m compared to last year which amounted to US$ 110.4m.
Commenting on the results, Mr. Farouk Almoayyed, Chairman of the Board stated that the Board had approved the 2014 audited financial statements which recorded the highest profits in the company's history. He explained that the company's strategy in the variety and quality of goods and focus on marketing campaigns and customer service was influential in increasing sales, which in 2014 increased by 7.8% to US$ 74.5m compared to US$69.1m in 2013. Sales in the fourth quarter were US$19.6m compared with US$ 18.7m in the previous year, an increase of 5.8%. Profit from Investments were US$ 9,936,100 compared to the investment earnings for the same period last year which amounted to US$ 5,650,623 which is a record growth of 75.8%. The Investment portfolio increased by 15.5 % to US$76.6m.
Based on these results, the Board of Directors is pleased to recommend to the Annual General Meeting of Shareholders a cash dividend to shareholders of 13 US Cents per share as a final cash dividend of which 5 US Cents per share interim dividend was paid during the year. The Board has also recommended a Bonus share issue of 10%. In conclusion, Mr. Almoayyed thanked the executive management team and the company's employees on the effective and continuous efforts that led to the achievement of these outstanding results.
The Managing Director, Mr. Abdulla Buhindi explained that 2014 was full of accomplishments, where Bahrain International Airport witnessed a rise of 10.4% in the number of passengers. He added that Bahrain Duty free had completed many shop refurbishments during 2014, including the Arrivals shop in addition to opening a new fashion shop, featuring many new International Brands. Buhindi stressed that the ongoing initiatives taken by the company to renew its stores have had a positive impact in enriching the shopping experience for travelers passing through Bahrain International Airport .At the same time Buhindi praised the global accomplishment of Bahrain Duty Free and Bahrain International Airport, which culminated in the successful partnership of Bahrain Duty Free with Bahrain Airport Company to win the Frontier Award for Best Marketing Campaign by a Retailer / Airport of the year 2014 , announced during the global duty free conference, which was held in October 2014 in Cannes, France.
Bahrain Duty Free congratulates the winner of the PORSCHE 911 CARRERA S – Mr. Dinesh Kochhar "Indian " ticket number 0644
Pictured above (left to right) Mr. Dominic Carroll (Head of Finance), Mr. Bassam Alwardi (Deputy General Manager), Mr. Dinesh Kochhar (Winner), Mr. Fadi Allam (General Manager), Ms. Deirdre Spillane (Head of Purchasing), Mr. Hishem Al Saloom (Deputy Head Of Operation ).
Bahrain Duty Free has launched its latest promotion; which offers customers an opportunity to win back the value of their purchase. The initiative allows customers who purchase in the store an opportunity to instantly win back the value of their purchase through purchasing a specific confectionery item; which entitles them to a free scratch card. Speaking about the initiative Bahrain Duty Free General Manager Mr. Fadi Allam outlined how the promotion is aimed at all customers visiting the stores; and that the initial responses from customers was extremely positive; and how pick up of the items exceeded initial expectations.
Halfway through their Joy Of Giving Promotion which was launched in conjunction with MasterCard on December 1st; Bahrain Duty Free have hailed initial results as exceptional. The promotion offers customers making purchases in any of the Bahrain Duty Free stores at Bahrain International Airport an opportunity to instantly receive 15% back in shopping vouchers.
Speaking about the promotion, Bahrain Duty Free Deputy General Manager Bassam Alwardi highlighted how “When we set up the targets for this amazing promotion we set ourselves ambitious targets and developed a number of staff incentives to achieve it. We are now halfway through the initiative and results so far are exceptional; exceeding our targets by over 20%”. Girish Nanda, Area Head for Saudi Arabia, Bahrain and Yemen, MasterCard echoed these sentiments: “We are delighted to have launched our first regional initiative with Bahrain Duty Free. They are known throughout the region for exceptional promotional offerings, and we believe that this promotion will be just the beginning of a long and exciting partnership with them.”
The promotion continues until December 31st.
Bahrain Duty Free is proud to announce the winner of the PORSCHE 911 CARRERA S Car Draw 285 which took place on December 21st 2014 at Bahrain International Airport. The lucky winner is Mr. Dinesh Kochhar " Indian " ticket number 644.
Pictured above at the draw are (left to right) Mr. Marsele Abbas Hassan (Sales Assistant), Mr. Fadi Allam (General Manager), Mr. Bassam Alwardi (Deputy General Manager), Mr. Jesse Barrera (Passenger - who drew the winning ticket), Mr. Helal Al Saadoon ( BAC - Terminal Operations Manager), Ms. Deirdre Spillane (Head of Purchasing), Mr.Domnick O’Reilly (Head Of Operations), Ms. Sakina Rasheed (Sales Assistant).
We would like to congratulate Mr. Dinesh Kochhar on his win, and thank all participants for their support in this draw.
Release Date: Wednesday 12th November 2014
Manama, Kingdom Of Bahrain; Bahrain Duty Free Shop Complex (BDFSC) on Tuesday November 11th announced its financial results for the third quarter ended 30 September 2014. In the quarter, the Company achieved a net income of US $5.9m up on same quarter last year by 44.7%. This exceptional growth came on the back of the disposal of an investment where a profit of US$1.4m was earned. Sales in the third quarter were US$18.3m ahead of last year by 4.6%, while operating costs were down 2%. Profits before Investment income were 8.9%.
In the nine months, the Company achieved a net profit of US$ 15.2 million ahead of last year by 12.3%. Earnings per share at 14.2 US cents are also up by 13.0%. Passengers travelling through the Airport during the nine month period were 4.7 million and rose by 10.8% contributing significantly to the sales performance of US$54.9m an increase of 8.6% compared to last year. Operating costs were controlled well and grew by 2.1% only in the nine months. As a result, operating profits have increased by 11.4%. Investment income of US$6.7m increased by 28.2% for the nine months. Total Equity on Company’s Balance Sheet is US$111.9m representing a growth of 1.4% in the period.
Commenting on the results, the Chairman Mr. Farouk Al Moayyed, said: that the first nine months profits were excellent and complemented the Company’s operational and investment strategies. In addition to passengers, the marketing campaigns, product variety and enhancement to Customer service impacted on increasing the sales.
Mr. Buhindi Added, that the Company is committed to continue its renovation and upgrading of the shops in the Airport and has already completed phase one of the capital project. Phase two will commence in the near future.
Bahrain Duty Free congratulates the winner of the MASERATI GRANTURISMO SPORT winner Mr. Khalid Rashid " Emirati " ticket number 0683
Pictured above (left to right) Mr. Dominic Carroll (Head of Finance), Mr. Khalid Rashi (Winner) , Mr. Sujat Ameen (Business Support Manager).