Bahrain Duty Free Shop Complex (BDFSC) posted its financial results to Bahrain Bourse (BB), reporting a net income surge by 44.7% to $5.9 million during the third quarter of 2014, compared to figures from the same period a year earlier. The increase was as a result of the disposal of an investment where a profit of $1.4 million was earned.

BDFSC’s sales gained 4.6% to $18.3 million in the third quarter of 2014 compared to figures during the corresponding period of 2013. On the other hand, operating costs dropped 2% in the third quarter of 2014 compared to the same period a year earlier.

The company’s net profit added 12.3% to $15.2 million during the nine months of 2014 compared to figures in the same period of 2013. Earnings per share at $14.2 cents also rose by 13%.

Passengers travelling through the Bahrain International Airport grew 10.8% to 4.7 million. As a result, the sales performance added 8.6% to $54.9 million in the nine months of 2014 compared to figures from the same nine-month period a year earlier. The Company’s operating costs gained 2.1% only in the nine months of 2014.

As a result, BDFSC’s operating profits added 11.4% and investment income rose 28.2% to $6.7 million during the nine months of 2014. Total equity registered an increase of 1.4% to $111.9 million in the same nine-month period of 2014.

"The first nine months' profits were excellent and complemented the company's operational and investment strategies," Chairman Farouk Almoayyed said, adding that "In addition to passengers, marketing campaigns, product variety and enhanced customer service impacted on increasing the sales.”

BDFSC is committed to progress in its upgrading and renovation of the shops in the airport, Managing Director Abdulla Buhindi said, highlighting that the Company has already completed phase one of the capital project and phase two will start soon.