Bahrain Flour Mills posts Q4 profit, announces dividend
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Helped by “investment and other income” Bahrain Flour Mills company reported a jump in quarterly profit notwithstanding the impacts of the COVID-19 pandemic. The board also recommended a cash dividend of BHD 372,384 at 15% of its paid-up capital.
Full-year profit, the company said, was impacted by a drop in the market value of the investment portfolio and the increase in the operating expenses.
However, Marwan Tabbara - Chairman of the Board of Directors, said the company is determined to “enhance its ability to achieve strong results with an optimistic outlook to support the local economy.” Board directors also thanked Bahraini leadership for the continuous support to the food sector and Al-Matahin Company to provide subsidised food commodity to citizens and residents of the Kingdom.
Tabbara also assured that the company took all necessary precautionary and preventive measures to limit coronavirus spread.
The fourth-quarter net profit of Al-Matahin surged 71.1% to BHD 678,363 from a net profit of BHD 396,550 in the year-ago quarter. Earnings per share increased to 27 fils from 16 fils in the same quarter a year ago.
Operating profit was BD 90,565 compared to BD 135,762 for the same period in 2019, a decrease of 33.3% due to a decrease in sales volume and an increase in operating expenses.
Quarterly sales reached BHD 1,747,626, compared to BHD 1,825,861 in the same period in 2019, a decrease of 4.3%.
Al-Matahin reported a 41.3% decrease in its profit for the year to BHD 1,086,159, compared to BHD 1,850,735 in 2019.
Earnings per share decreased to 44 fils compared with 75 fils in the same period of 2019. The operating profit decreased by 4.3% to BHD 305,240 from BHD 318,967 in 2019.
This is due to a decrease in sales volume and an increase in operating expenses. Sales reached BHD 7,054,632, compared to BHD 7,075,011 of the year 2019, with a decrease of 0.3%.