Al-Matahin Q1 net profit jumps 160%
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Bahrain Flour Mills company (Al-Matahin) yesterday announced its financial results for the three months ending 31 March 2022, reporting a first-quarter net profit of BHD 2,891,878, compared to BHD 1,110,945 for the same period of 2021- up by 160.31%.
The increase in the net profit for the first quarter of the year 2022 in comparison to the same period of 2021 is attributed to the increase in fair value of investment and other income. Earnings per share for the first quarter increased to 116 fils compared with 45 fils in the same period of 2021.
Operating profit was BHD 138,163 compared to BD 166,301 for the same period in 2021, with a decrease of 16.92%. The operating profit achieved is less due to increase of operating expenses. With regards to sales, the Company achieved BHD 2,029,943 for the first quarter of 2022, compared to BHD 1,928,346 for the same period in 2021, with a decrease of 5.27%.
Total equity increased by 9.21% to BHD 26,690,163 compared with 24,438,925 recorded as of 31 December 2021. The total assets reached BHD 35,929,163 compared to BD 32,338,602 in the year 2021, with an increase of 11.10%.
Marwan Tabbara, Chairman of the Board of Directors, said, “We are very pleased with the financial results for the first quarter of 2022, which coincides with the launch of the new packaging for our retail products in the local markets during the month of March 2022.
In order to preserve shareholders’ rights, the Board of Directors will continue their commitment to implementing and defining important policies that will enhance the company’s position in the future”.
Tabbara emphasized that “despite the challenges it faces, Bahrain Flour Mills Co. will continue its tireless efforts to improving production efficiency and raising productivity, which will be reflected in the achieved performance and lead to further success.”