Bahrain Flour Mills reports profit, announces dividend

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The Bahrain Flour Mills Company (BFM) announced its financial results for the year ended 31 December 2021, reporting profits for its fourth quarter and full year. The Board recommended a distribution of a cash dividend of BHD 620,640 equivalent to 25% of its paid-up capital, subject to approval by the General Assembly and regulators.

Fourth-quarter results

Q4 net profit was BD 507,817, compared to a net profit of BD 678,363 in the year-ago quarter, down by 25.14%.

The decrease was attributed to the decrease in sales volume and the decrease in investment income. Earnings per Share was fils 20 for Q4 2021 versus fils 27 for the same period in 2020. Operating Profit was BD 3,427 versus BD 90,565 for the same period in 2020 – down by 96.22%, hurt by decreases in the volume of sales. Quarterly sales was BD 1,702,672, compared to BD 1,747,626 in Q4 2020 – down by 2.57%.

Full-year results

Full year profit was BD 3,946,872 versus BD 1,086,159 for the same period in 2020 – up by 263.38%. The increase in net income was attributed to a rise in the market valuation of equity investment that contributed meaningfully to the Company’s profit. Earnings per Share was fils 159 for 2021 versus fils 44 for the same period in 2020.

Operating Profit was BD 226,832 versus BD 305,240 for the same period in 2020 – down by 25.69%. BFM generated sales of BD 6,863,873 in 2021 versus BD 7,054,632 in 2020 - down by 2.7%. Marwan Tabbara - Chairman of the Board of Directors, 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.