Bahrain Flour Mills Company reports 16% rise in Q1 profit

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain Flour Mills company announced its financial results for the three months ending 31 March 2024. The company achieved a net profit for the period of BHD 597,147, compared to BHD 512,840 for the same period of 2023 with an increase in profit by 16%.

Results were announced during the Board of Directors of Bahrain Flour Mills Company (Al-Matahin) (BFM), meeting, chaired by Basim AlSaie, Chairman of the Board of Directors.

The increase in the net profit was attributed to the increase in fair value of investment and other income.

Basic and diluted earnings per share increased to 24 fils compared with 21 fils in the same period of 2023.

The company also achieved an operating profit of BHD 126,238 compared to BD 376,267 for the same period in 2023, with a decrease of 66%. The operating profit decrease derived from the increase of operating expenses in 2024, and the exceptional increase in profit associated with inventory revaluation in 2023.

With regards to sales, the Company achieved B HD 2,210,812 for the first quarter of 2024, compared to BHD 2,215,526 for the same period in 2023, with a slight decrease of 0.2%. Total equity decreased by 0.2% to BHD 27,027,952 compared with 27,076,425 recorded as of 31 December 2023.

The total assets for the period reached BHD 39,268,427 compared to BD 35,548,935 in the year 2023, with an increase of 10%.

Basim AlSaie, Chairman of the Board of Directors, stated that Al-Matahin has made a significant step forward with the installation on additional capacity at BFM. This long-awaited upgrade enhances BFM's ability to derisk the current facility and boost capacity in line with local market needs in the medium term. This significant step greatly improves food security ensuring the highest quality and consumer's critical needs are safely managed by the only specialist company of this type in the Kingdom. Final completion of all works will be done in by the early second quarter after all details involved in the works are completed with a formal opening to be advised mid-year 2024.

AlSaie commented on the continued progress in preparing a strategic plan for a new Silo, Mill, and Warehousing facility to replace the current facility that will position BFM as one of the most technological and advanced wheat storage and processing production units in the region.