BMMI B.S.C (Formerly Bahrain Maritime & Mercantile International B.S.C) is pleased to announce a strong financial and operational performance for the year ended 31 December 2011.
Total sales revenues reached BD 87.3 million in 2011, up from BD 84.7 million the previous year. While the net profit of BD 6.7 million was down slightly from BD 9.2 million in 2010, this was in part due to an increase in costs and expenses associated with strategic investments for the future, reflected in an overall increase to assets from BD 61.2 million in 2010 to BD 63.1 million in 2011.
Though the overall financial performance was adversely affected by the troubled regional and international markets in early 2011, operational performance continued to go from strength to strength, with a number of exciting new projects underway. A new Alosra supermarket opened in Amwaj is already delivering considerable returns, and the organisation is looking for further strategic locations in Bahrain, plus expansion into Eastern Saudi Arabia. The Group’s operations in Africa continue, with a presence now in six countries, including a new supply chain base established in Kenya. A full strategic review of the group with a focus on supply chain was also completed, resulting in on-going infrastructure improvements and an integrated management system being rolled out. Overall, BMMI operations continue to be strengthened in all areas to ensure the continued success of the company.
Commenting on the year’s performance, BMMI Group Chairman, Mr Abdulla Buhindi, said: “Though it was a difficult year, BMMI weathered the storm well and remains a solid, dependable and consistent investment for shareholders. Our long-term strategy to develop and expand business outside of Bahrain also really proved itself this year. We remain optimistic about our future.”
Chief Executive, Mr Gordon Boyle stressed the importance of the BMMI corporate culture in their continued success.
“Despite challenging conditions, I’m proud to say that we increased our revenues to become stronger than ever in 2011. One of the things I’m most proud of is that all through the year 2011, we continued our search for new business opportunities to fulfil our strategic expansion plans. I think that level of dedication and commitment came down to our underlying values and who we are as a company. We will continue to strengthen and develop our unique corporate culture in recognition of that.”