Bahrain Flour Mills Company announces Q2 and H1 results

TDT | Manama                                                                 

The Daily Tribune – www.newsofbahrain.com

Bahrain Flour Mills Company (Al-Matahin) yesterday announced its 2022 quarterly and half-yearly results, which the company said were impacted by a decrease in market valuation of equity investment.

The results were announced in a board meeting chaired by Marwan Khaled Tabbara, Chairman of the Board of Directors. For the second quarter of 2022, Al-Matahin reported a net loss of BD(1,509,857), down by 214%, compared to a net profit of BD1,325,172 in the same quarter a year ago.

The company attributed the decrease in net profit to a decline in market valuation of equity investment. Quarterly loss per share was fils (61) compared to earnings per share of fils 53 in the year-ago quarter. Operating profit increased by 1203% to BD123,639 from BD 9,486 in the prior-year quarter. Sales rose 15% to BD1,762,214 from BD1 , 5 2 8, 2 7 0 in the same-quarter a year ago.

H1 results

BFM reported an H1 profit of BD 1,382,021 versus BD 2,436,117 for the same period in 2021. Earnings per share were fils 56 versus fils 98 for the same period in 2021. Operating profit was BD 261,802 versus BD 163,683 for the same period in 2021 – an increase of 60%, due to an increase in sales value and improved profitability from retail products.

Sales rose 10% to BD 3,792,157 from BD 3,456,616 a year ago. Total equity increased by 3% to BD25,180,326 compared with BD 24,438,925 as recorded on 31 December 2021. The total assets for the period reached BHD 35,473,274 compared to BD 32,338,602 at the end of the same period in 2021, being an increase of 10%.