BMMI Announces the Interim Results for the quarter ended 31 March 2012.
The Board of Directors of BMMI approved the interim results for the quarter ended 31 March 2012 on 29 April 2012.
The group reported a strong revenue growth of almost 12% over the quarter, with most business units performing at or above expectations. Gross Profit for the period crossed BD6m which was 19% above 2011. Despite a challenging environment, the group achieved a remarkable 61% growth in Net Profit for the quarter, almost BD1 million ahead of the same period in 2011. This success can be attributed to operational changes during 2011 which have enabled the group to perform more efficiently, coupled with effective management of overheads which have resulted in improved margins across the group.
The group’s continued conservative financial policies have positively influenced its available for sale investments over this period. Investment Income and Gain on Investments carried at fair value through Income Statement amounted to BD 0.32m compared to BD 0.19m recorded in 2011. Earnings per share reached 20 fils compared to 12 fils in 2011.
The group remains focussed on delivering its five-year strategy, with the intention of reducing profit dependency on one core business stream. This continues to be supported by new business development activities which aim at expanding revenue generating streams over a wider geographical area. In addition, other initiatives being progressed include hotel development, leisure downstream and supermarket expansion in Bahrain and Saudi Arabia.