Bahrain Flour Mills Company reports Q3, nine-month profits

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain Flour Mills Company (Al-Matahin) (BFM) yesterday reported a third-quarter 2022 net profit of BD 173,382 compared to a net profit of BD 1,002,938 in the year-ago quarter, which is a decrease of 82.7%.

The decrease in the net profit in comparison to the same period in 2021 is attributed to the decrease in the market valuation of equity investment.

Quarterly earnings per share were fils 7 versus fils 40 in the same quarter a year ago.

The results were announced during a board meeting yesterday chaired by Marwan Khaled Tabbara, Chairman of the Board of Directors.

Operating profit was BD 124,749 versus BD 79,501 for the same period in 2021 – an increase of 56.9%. With regards to sales, BFM generated BD 1,809,601 versus BD 1,704,585 in Q3 2021 - an increase of 6.2%.

Nine-month results

Nine-month net profit was BD 1,555,403 compared to BD 3,439,055 in the year-ago period -decreased by 54.8%.

Earnings per Share was fils 63 versus fils 139 for the same period in 2021.

Operating profit was BD 386,551 versus BD 243,184 for the same period in 2021 – an increase of 59%, due to an increase in sales value and improved profitability from retail products and Commercial Sales.

BFM generated nine-month sales of BD 5,601,758 versus BD 5,161,201 for 2021 - an increase of 8.5%.

Total equity increased by 3.7% to BD 25,353,708 compared with BD 24,438,925 as recorded on 31 December 2021.

The total assets reached BHD 35,262,328 compared to BD 32,338,602 at the end of the same period in 2021, an increase of 9%.