BFM reports results, announces dividend

TDT | Manama

Email: mail@newsofbahrain.com

Bahrain Flour Mills Company (Al-Matahin) (BFM) yesterday reports quarterly and Full year 2024 results, which the company said was impacted by decrease in investment income from listed securities, booked depreciation for the new production line at the mill as well as increase in other operating expenses.

In ine with results, the Board of Directors meeting, chaired by Mr. Basim AlSaie, Chairman of the Board of Directors, recommended the distribution of a cash dividend of BHD 620,620 equivalent to 25% of its paidup capital, subject to approval by the General Assembly and regulators.

Q4 results

BFM achieved a net loss for the fourth quarter of BD (95,653), compared to a net profit of BD 895,494 for the same period in 2023.

The decrease in the net profit for the fourth quarter of the year 2024 in comparison to the same period in 2023 is attributed to the decrease in investment income from listed securities besides booked depreciation for the new production line at the mill, in addition to the increase in other operating expenses.  

Profit per Share was fils 3.86 for Q4 2024 versus fils 35.75 for the same period in 2023.  Operating loss for Q4 2024 was BD (322,841) versus BD (35,887) loss for the same period in 2023.

The reason for the decrease in operating profits for the period is due to the increase in operating expenses followed by capitalization of the new mill project and the depreciation costs, in addition to lease cost provisions relevant to the leased land reserved for the planned new mill plant.

BFM generated Q4 sales of BD 1,868,459 versus BD 1,954,288 in Q4 2023 - decreased by 4%, basically, relevant to market demand on uncontrolled flour products and decrease in bran production.

Full year results For the year ended 31st December 2024, BFM reported a Profit of BD 432,791 versus BD 2,501,179 for the same period in 2023 – decrease by 83%. The decrease in net income for the year 2024 in comparison to the year 2023 relates to the increase in the market valuation of equity investment and  increase in operating & non-operating expenses, besides the increases on finance cost.

Earnings per Share was fils 17.43 versus fils 100.75 for the same period in 2023. Operating loss was BD (208,663) versus BD 488,989 for the same period in 2023. BFM generated sales of BD 7,605,900 in 2024 versus BD 7,677,225 in 2023 - decrease by 1%. Total equity decreased by 1% to BD 26,863,596 compared with BD 27,076,425 as recorded on 31 December 2023.

The total assets for the year ended 31 December 2024 reached BHD 39,713,717 compared to BD 35,548,935 at the end of the same period in 2023, being an increase of 12% due to capitalization of new mill project and recording of new lease agreements that includes the planned new Mill land lease.