Bahrain Flour Mills posts third quarter profit

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain Flour Mills Company (BFM) reported a third-quarter net profit of BD 1,147,183, compared to a net loss of BD 30,565 in the prior-year quarter, helped by an increase in the net profit relates to the recovery of investment income.

Quarterly earnings per shares were 46 fils compared to a loss of 1 fils in the year-ago quarter.

The company also incurred an operating loss during Q3 of BD 61,919 compared to an operating profit of BD 38,766 for the same period in 2019. The loss incurred is due to decrease in sales volume and increase of operating expenses.

The company achieved sales of BD 1,583,017, compared to BD 1,701,216 for the same period last year, with a decrease of 6.9 per cent.

Nine-month results

Nine-month net profit was BD 407,796 compared to BD 1,454,185 in the previous year with a decrease of 71.9pc.

The company attributed to the decrease to the loss in market valuation of equity investment that relates to Covid-19 Pandemic crises over the world and an increase in operating expenses.

Earnings per shares are 16 fils compared to 59 fils in last year.

Operating profit was BD 214,675 compared to BD 174,609 in the previous year with an increase of 22.9pc. This is due to an increase in sales volume for the period.

With regards to sales, the company achieved BD 5,307,006 during the period, compared to BD 5,249,150 of last year, with an increase of 1.1pc.

Marwan Khaled Tabbara, Chairman of the Board of Directors, stated that under the current circumstances, Al Matahin Company takes all necessary precautionary and preventive measures related to health and safety, which aim to limit the spread of the Coronavirus to preserve the safety of its employees and to ensure the continuity of its operations.

Tabbara affirmed that Al Matahin Company is proceeding with determination to enhance its ability to achieve strong results with an optimistic outlook to support the local economy.