The BMMI Group has announced that consolidated net profit attributable to shareholders in the fourth quarter of 2022 stood at BD 0.94 million, a decrease of 56% compared to BD2 million for the same period in 2021 (BD1.2 million in 2020). The earnings per share for the quarter stood at 7 fils, a 56% decrease from 15 fils in 2021 (8.4 fils in 2020). The Group’s comprehensive income attributable to the shareholders in the fourth quarter decreased by 54%, from BD1.79 million in 2021 to BD0.82 million in 2022 (BD0.8 million in 2020). I attributed the decrease in net profit of the fourth quarter in 2022 to operational exit and the provisions taken for joint venture exposure.
With the re-opening and revitalisation of the hospitality sector, and the lifting of travel restrictions, the receding effects of the pandemic and the overall economic recovery led to an in increase in activity for most of the Group’s companies and subsidiaries. Additionally, there was a return and increase in the demand for essential goods, as well as non-essential goods and services during the year. 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 business continuity depends 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 BD6 million in 2022, compared to BD 5.57 million in 2021 (BD 4.03 million in 2020), an increase of 8%. The Group’s earnings per share stood at 42 fils in 2022 compared to 39 fils in 2021 (28 fils in 2020), an increase of 8%. Furthermore, the total comprehensive income attributable to the shareholders was BD5.66 million in 2022 compared to BD 2.01 million in 2021, an increase of 181% (BD 2.82 million in 2020). Additionally, the total equity attributable to the shareholders of the Group at the end of the year stood at BD 67.8 million, compared to BD 66.4 million in 2021, an increase of 2% (BD67.98 million in 2020). Furthermore, the total assets for the year stood at BD 117 million in 2022, compared to BD 111.3 million in 2021, which is an increase of 5% (BD114 million in 2020).
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 30 March 2023 in Bahrain.
Commenting on the year’s results, BMMI Chairman of the Board, Abdulla Buhindi said: “2022 was a year of recovery for BMMI, where the Group was able to achieve good results. I believe that our diversified business model has helped us face these unique challenges.”
“With that being said, the road to recovery and normal growth in 2023 will be difficult, especially within the context of global developments, in addition to the apprehension and caution that is still prevalent globally, which poses further challenges to our business as the future remains unpredictable. When it comes to our focus in 2023, BMMI will revisit its strategy with an aim to secure steady growth, while keeping potential new ventures and markets on its radar. By reviewing our strategy and priorities, we aim to achieve the expected results through a healthy mix of long and short-term strategic goals, opportunities and investments whilst keeping our focus on diversification, constant risk monitoring and mitigation,” 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.