Bahrain Duty Free is keen to enter Saudi market; reports robust financials

Bahrain Duty Free is keen to enter Saudi market; reports robust financials

Manama: Mahmood Rafique, Editor: Bahrain Duty Free Shop Complex (BDFS) is still exploring various avenues of expansion across the region with plans to takes its footprint to the region’s largest economy, the Kingdom of Saudi Arabia.

Farouk Yousif Almoayyed, Chairman, of BDFS said that the company has navigated through the challenging year of 2022 and the company hopes the year 2023 will be another strong year. “We are still working on our expansion plans including Saudi Arabia but nothing yet crystalised,” he said.  

The Chairman was speaking to The24X7News Bahrain (www.twentyfousevennews.com) on the sidelines of the company’s general assembly held at the Rotana Downtown Hotel.

In an ordinary general assembly, the overwhelming majority of 67.86 per cent of the total shareholding of Bahrain Duty Free Shop Complex (BDFS), approved the financial statement for the year ending on 31st December 2022.

The BDFS has reported a net income of BD 3.7million representing a growth of 72.5 per cent over the previous year even though 2022 has been a challenging year for the global economy with persistent inflation pressures and consequent interest rates hikes by Central Banks around the world to combat inflation.

Based on the financial results, the board of directors have