Bahrain Flour Mills Company B.S.C Announces its Financial Results for the Second Quarter and First Half of 2024

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

The Board of Directors of Bahrain Flour Mills Company B.S.C. (Al-Matahin) trading code (BFM), held their meeting on Tuesday, Aug 13, 2024, at 11AM, chaired by Mr. Basim AlSaie, Chairman of the Board of Directors. The Board took several decisions, including the approval of the company's financial statements for the six months ending 30 June 2024.

Mr. Al Saie extended his sincere thanks and gratitude to the Board of Directors, the Executive Management and all company employees for their support and continuous endeavor to achieve the best results, wishing Al-Matahin further progress and prosperity.
Bahrain Flour Mills company B.S.C. announces a net loss of BHD (427,608) for the second quarter of 2024 compared to net income of BHD 1,032,721 for the same period in 2023 .

The decrease in the net profit for the second quarter of the year 2024 in comparison to the same period of 2023 is attributed to the decrease in market valuation of equity investment, increase of operating expenses and decrease in sales quantities.

Basic and diluted earnings per share for the second quarter decreased to profit of 17.22 fils compared with 41.6 fils in the same period of 2023.

The company also incurred an operating loss during the second quarter of the year 2024 of BHD (119,654) compared to BD 195,791 profit for the same period in 2023. The decrease in profits derived from an increase in energy cost, depreciation/amortization of the new Mill, in addition to, increase in other operating expenses affected by inflation.

With regards to sales, the Company achieved BHD 1,726,071 for the second quarter of 2024, compared to BHD 1,851,876 for the same period in 2023, with a decrease of 7%.

For the First Half of 2024, BFM has reported a profit of BD 169,539 versus BD 1,545,561 for the same period in 2023 down by 89%.

The Company reported Basic and Diluted Loss per share of fils 6.83 for the first half of 2024 versus fils 62.26 fils profit for the same period in 2023.
Operating profit for the First Half of 2024 was BD 6,584 versus BD 572,058 for the same period in 2023 with a decreased by 99% due to similar reasons for Q2 increase in operating expenses besides positive inventory revaluation during 2023.