Bahrain Flour Mills Company profits soar, proposes dividend

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Helped by upticks in investment income and other sources, The Bahrain Flour Mills Company (BFM) has announced profitable earnings, with the board of directors proposing a dividend distribution The Directors has recommended the distribution of a cash dividend of BHD 620,620 equivalent to 25% of its paidup capital, subject to approval by the General Assembly and regulators.

The results were approved during a board meeting chaired by Basim AlSaie, Chairman of the Board of Directors.

Fourth quarter

BFM’s quarterly net profit was BD 895,494, compared to a net loss of BD (132,802) for the same period in 2022, increased by 774%. 

The increase in the net profit is attributed to the increase in investment income and other income. Profit per Share was fils 36 for Q4 2023 versus Loss per Share of fils (5) for the same period in 2022.

Operating Profit was BD 3,897 versus BD 315,763 profit for the same period in 2022 – down by 99%.

The reason for the decrease in operating profits for the period is due to decline in Bran Sales and increase in operating expenses.

With regards to sales, BFM generated BD 1,954,288 versus BD 2,033,078 in Q4 2022 - decreased by 4%, due to 9 days shutdown during November for the purpose of Mill Expansion work going on and consequently affected Bran Sales.

Full year results

BFM has reported a Profit of BD 2,501,179 versus BD 1,422,601 for the same period in 2022 – up by 76%.

The increase in net income for the year 2023 in comparison to the year 2022 relates to achieving the highest quantity record in selling Company’s subsidized products, besides increase in the market valuation of equity investment and other income.

Earnings per Share was fils 100.75 for the period of the year 2023 versus fils 57.3 for the same period in 2022.

Operating Profit was BD 488,989 versus BD 702,314 for the same period in 2022 – down by 30%, due to extended period of shutdown due to ongoing expansion work during July and November (40 total Days).

BFM generated sales of BD 7,677,225 in 2023 versus BD 7,634,836 in 2022 - up by 1%.