Press Releases

BMMI Group achieves a net profit attributable to shareholders of BD5.97 million in 2023

The BMMI Group has announced that consolidated net profit attributable to shareholders in the fourth quarter of 2023 stood at BD1.10 million, an increase of 17% compared to BD0.94 million for the same period in 2022 (BD2 million in 2021). The earnings per share for the quarter stood at 7.73 fils, a 17% increase from 6.62 fils in 2022 (15 fils in 2021).  The Group’s comprehensive income attributable to the shareholders in the fourth quarter increased by 60%, from BD0.82 million in 2022 to BD 1.31 million in 2023 (BD1.79 million in 2021).

The year 2023 presented its share of challenges as the world faced several global conflicts that affected business operations globally, including the activity of the Group’s companies and subsidiaries. As significant uncertainty continues with respect to the long-term impact of regional and global events on economic and social well-being, the Group strongly believes that survival continues to depend on the adaptability and resilience of both its operations and its people.

Despite these challenges, the Group has demonstrated continued recovery. The net profit attributable to shareholders stood at BD5.97 million in 2023, compared to BD 6.00 million in 2022 (BD 5.57 million in 2021), a decrease of 0.5%. The Group’s earnings per share stood at 42 fils in 2023 compared to 42 fils in 2022 (39 fils in 2021). Furthermore, the total comprehensive income attributable to the shareholders was BD 5.79 million in 2023 compared to BD 5.66 million in 2022, an increase of 2% (BD2.01 million in 2021). Additionally, the total equity attributable to the shareholders of the Group at the end of the year stood at BD67.4 million, compared to BD 67.8 million in 2022, a decrease of 0.6% (BD66.4 million in 2021). Furthermore, the total assets for the year stood at BD 109.4 million in 2023, compared to BD 116.9 million in 2022, which is a decrease of 6.4% (BD111.3 million in 2021).

Based on these results, the Board of Directors has recommended a cash dividend of 30% of share nominal value, equivalent to 30 fils per share, amounting to BD 4,270,822, to the shareholders whose names are registered on the company’s register on the Record Date. The proposed annual cash dividend in is subject to approval at the annual general meeting to be held on 28 March 2024 in Bahrain.

Commenting on the year’s results, BMMI Chairman of the Board, Abdulla Buhindi said: “The year 2023 presented its share of challenges as the world faced several global conflicts that inevitably affected our business operations. However, thanks to BMMI’s solid strategy, adaptability and the dedication and hard work of our team, we were able to navigate these challenges. The Board continuously and closely monitors the business environment so as to tailor the Group's strategy to respond and overcome challenges identified.”

“Looking ahead, we are optimistic about the future and remain committed to the continued growth and success of BMMI. I am confident that with the continued support of our shareholders, stakeholders, and employees, we will overcome any future challenges and prosper in the years to come,” he added.

This press release and the full set of financial statements are available on Bahrain Bourse’s website. BMMI’s trading code in Bahrain Bourse is BMMI.BH.