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Bahrain Duty free posts 22.7 million US Dollars net profit for 2014. The highest earnings in the Company’s History

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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.

 

Added on 18 February, 2015

Winner of the PORSCHE 911 CARRERA S Car Draw 285

Bahrain Duty Free congratulates the winner of the PORSCHE 911 CARRERA S – Mr. Dinesh Kochhar "Indian " ticket number 0644

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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 ).

Added on 21 January, 2015

Bahrain Duty Free Launch Cash Back Promotion

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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.

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Added on 20 January, 2015

Joy Of Giving Proving Successful at Bahrain Duty Free

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.

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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.

Added on 23 December, 2014

Winner of the PORSCHE 911 CARRERA S Car Draw 285

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.

 

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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.

Added on 21 December, 2014

Bahrain Duty Free reports 15.2 Million US Dollar Profits in Nine Months of 2014

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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.

Added on 12 November, 2014

Winner of the MASERATI GRANTURISMO SPORT Car Draw 284

Bahrain Duty Free congratulates the winner of the MASERATI GRANTURISMO SPORT winner Mr. Khalid Rashid  " Emirati " ticket number 0683

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Pictured above (left to right) Mr. Dominic Carroll (Head of Finance), Mr. Khalid Rashi (Winner) , Mr. Sujat Ameen (Business Support Manager).

Added on 18 October, 2014

Winner of the Infiniti G25 Car Draw 283

Bahrain Duty Free congratulates the winner of the Infiniti G25 car winner – Ms. Rita De Guzman “Filipino” ticket number 2932

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Pictured above (left to right) Mr. Dominic Carroll (Head of Finance), Ms. Rita De Guzman (Winner) , Mr. Sujat Ameen (Business Support Manager).

Added on 18 October, 2014

Winner of the MASERATI GRANTURISMO SPORT Car Draw 284

Bahrain Duty Free is proud to announce the winner of the MASERATI GRANTURISMO SPORT Car Draw 284 which took place on October 12th 2014 at Bahrain International Airport. The lucky winner is Mr. Khalid Rashid  " Emirati " ticket number 0683.

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Pictured above at the draw are (left to right) Ms. Fatima Al Banna (HR Manager), Shaikha Yousif (Sales Assistant), Mr.Domnick O’Reilly (Head Of Operations), Mr. Helal Al Saadoon ( BAC - Terminal Operations Manager), Ms. Marie Grace Royo (Passenger - who drew the winning ticket), Mr. Fadi Allam (General Manager), Ms. Deirdre Spillane (Head of Purchasing), Mr.Dominic Carroll (Head of Finance), Mr.Bassim Mohammed Khalil (Sales Assistant), Mr.Sujat Ameen (Business Support Manager).

 

We would like to congratulate Mr. Khalid Rashid  on his win, and thank all participants for their support in this draw.

 

Added on 12 October, 2014

Winner of the BMW 520 Car Draw 283

Bahrain Duty Free congratulates the winner of the BMW 520 car winner Mr. Albaraa Younes (Saudi) ticket number 515

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Pictured above (left to right) Mr. Fadi Allam (General Manager), Mr. Albaraa Younes (Winner) , Mr. Dominic Carroll (Head of Finance).

Added on 08 October, 2014