Bahrain Flour Mills vaccinates 90% of employees

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain Flour Mills company yesterday reported a profit for the first quarter, reversing a loss a year ago, helped by increases in the fair value of investments and other income.

The company said it has all COVID-19 measures in place on its premises, with 90% of its employees receiving the vaccination. Quarterly net profit was BHD 1,110,945, compared to a net loss of BHD 1,931,932 in the year-ago quarter.

Basic and diluted earnings per share were 45 fils compared with a loss of (78) fils in the same period of 2020. Q1 operating profit was BD 160,079 compared to BD 260,314 in the year-ago quarter, a decrease of 38.5%.

Al-Matahin attributed the drop in operating profit to a decrease in sales volume and increases in operating expenses. Regarding Q1 sales, Bahrain Flour Mills Company said it achieved sales of BHD 1,928,346, compared to BHD 2,051,225 in the year-ago quarter, a 6% decrease.

Total equity increased by 3.4% to BHD 21,602,998 compared with 20,884,437 as recorded on 31 December 2020. The total assets reached BHD 25,673,335 compared to BD 30,123,536 at the end of the same period in 2020, a decrease of 14.8%.

Marwan Khaled Tabbara, the Chairman of the Board of Directors of the company, said that the company continues to adhere to all necessary COVID-19 precautionary measures to preserve the safety of its employees and ensure the continuity of work amid the challenges the company is facing under the current circumstances.

Al-Matahin Company said it is proud of its employee’s awareness and commitment to the government’s vaccination initiative. The company said 90% of its employees are vaccinated.