Bahrain Flour Mills Company B.S.C. announces: (The Mills), trading symbol (BFM), that the Board of Directors held its meeting on Tuesday, February 27, 2024, chaired by Mr. Bassem Al-Saie, Chairman of the Board of Directors.
The Board took a number of decisions, including approving the company’s financial statements for the year ending on December 31, 2023.
Al-Saei extended his sincere thanks and gratitude to the Board of Directors, the Executive Management and all the company’s employees for their support and their continued pursuit of achieving the best results, wishing the mills further progress and prosperity.
Bahrain Flour Mills Company, trading symbol (BFM), announced its financial results for the year ending December 31, 2023.
Including the results of the last quarter, where the Bahrain Flour Mills Company achieved a net profit for the last quarter of 895,494 dinars, compared to a net loss of (132,802) dinars from the same period of the year 2022, an increase of 774%.
This increase in net profit for the fourth quarter of 2023 compared to the same period in 2022 is due to an increase in investment revenues and other revenues.
The company recorded a basic and diluted profit per share of 36 fils for the fourth quarter of 2023, compared to a loss of (5) fils for the same period of 2022.
The total profit from operations for the fourth quarter of 2023 amounted to 3,897 Bahraini dinars, compared to a profit of 315,763 Bahraini dinars for the fourth quarter of 2022 – a decrease of 99%. The reason for the decrease in operating profits is the decrease in wheat bran sales and the increase in operating expenses.
Regarding sales during the fourth quarter of the year 2023, the company achieved revenues of 1,954,288 Bahraini dinars compared to 2,033,078 Bahraini dinars during the fourth quarter of the year 2022 – a decrease of 4%, and this is due to the cessation of production for 9 days during the month of November to conduct the expansion work currently underway. Which resulted in a decrease in bran sales.
For the year ending December 31, 2023, the company announced a net profit of 2,501,179 Bahraini dinars, compared to 1,422,601 Bahraini dinars for the same period in 2022, an increase of 76%. The reason for the increase in net profit for the year ending December 31, 2023 compared to the year 2022 is the achievement of the highest amount of sales of supported products in the company’s history, in addition to the increase in the fair value of the company’s investment portfolio and other revenues.
The company recorded a basic and diluted earnings per share of 100.75 fils, compared to a return of 57.3 fils for the same period in 2022.
The total profit from operations during the year ending 2023 amounted to 488,989 Bahraini dinars, compared to 702,314 Bahraini dinars in the year 2022 – a decrease of 30%. The reason for the decrease is the factory closure periods that extended to (40 days) during the months of July and November due to the factory expansion operations currently underway.
During the year ending 2023, the company achieved sales worth 7,677,225 Bahraini dinars, compared to 7,634,836 Bahraini dinars in the year 2022 – an increase of 1%.
The company’s total equity increased by 7% to reach 27,076,425 Bahraini dinars, compared to 25,220,886 Bahraini dinars as of December 31, 2022.
Total assets during the fiscal year ending on December 31, 2023 amounted to 35,548,935 Bahraini dinars, compared to 37,222,704 Bahraini dinars for the year 2022, a decrease of 4% due to the decrease in wheat stocks and receivables.
In line with the financial results, the Board of Directors recommended distributing cash dividends amounting to 620,620 Bahraini dinars, representing 25% of the company’s paid-up capital, subject to the approval of the General Assembly and the relevant regulatory authorities.
Finally, the Chairman of the Board of Directors expressed his deepest feelings of thanks and gratitude to the wise leadership in Bahrain, may God protect and protect them, for their continued support and encouragement for the food sector in Bahrain and for the Mills Company for providing this important and subsidized food commodity to the citizens and residents of the Kingdom.
Bahrain Flour Mills Company notes to its shareholders that the financial statements for the year ending December 31, 2023 and the press release are available on the company’s website and the Bahrain Stock Exchange.
