Bahrain Flour Mills Company announces Q2, H1 2023 profits

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

Bahrain Flour Mills company yesterday reported a net profit of BHD 1,032,721 for the second quarter of 2023 compared to net loss of BHD (1,509,857) for the same period in 2022.

The results were announced during a board of directors meeting chaired by Basim AlSaie, Chairman.

Mr. Al Saie extended his sincere thanks and gratitude to the Board of Directors, the Executive Management and all company employees for their support and continuous endeavor to achieve the best results, wishing Al-Matahin further progress and prosperity The increase in the net profit for the second quarter of the year 2023 in comparison to the same period of 2022 is attributed to the increase in market valuation of equity investment, and increase market demands on company’s products.

Basic and diluted earnings per share for the second quarter increased to profit of 42 fils compared with (61) fils loss in the same period of 2022.

The company also achieved an operating profit during the second quarter of the year 2023 of BHD 195,791 compared to BD 123,639 for the same period in 2022, with an increase of 58%.

The operating profit achieved is higher where the cost of sales per ton after government subsidy has been reduced simultaneously with an increase in sales volume.

With regards to sales, the Company achieved BHD 1,851,876 for the second quarter of 2023, compared to BHD 1,762,214 for the same period in 2022, with an increase of 5%.

For the Fist Half of 2023, BFM has reported a profit of BD 1,545,561 versus BD 1,382,021for the same period in 2023 up by 12%.

The Company reported Basic and Diluted Earnings per share of fils 62 for the first half of 2023 versus fils 56 fils for the same period in 2022.

Operating proft for the First Half of 2023 was BD 532,274 versus BD 261,802 for the same period in 2022- increased by 103% due to increase in sales value and reduction of Operating cost. BFM generated in H1 2023 sales of BD 4,067,402 versus BD 3,792,157 in H1 2022- increase by 7%.

The Company’s total equity increased by 4% to BHD 26,120,807 compared with 25,220,886 recorded as of 31 December 2022.

The total assets for the period reached BHD 36,235,927 compared to BD 37,236,618 in the year 2022, with a decrease of 3%.

The full set financial statements for the six months ending 30 June 2023 and the press release are available on Al-Matahin and Bahrain Bourse’s website.