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Daily Tribune
13-05-2025
- Business
- Daily Tribune
AlAbraaj Announces Strong Profits
TDT | Manama AlAbraaj Restaurants Group B.S.C. has announced a strong start to the year, reporting sustained profitability and advancing its strategic expansion plans. The company's Board of Directors met on Monday and approved a dividend payout of 60 percent of first quarter profits to shareholders, underlining its confidence in the business outlook. Solid financials The group recorded a net profit before associated income of BD146,982 for the three months ended March 31, reflecting a 1.8 percent increase compared to the same period last year. Net profit after associated income rose by 7.1 percent to BD125,810. Revenue for the quarter reached BD3,582,260, reflecting the anticipated seasonal impact of Ramadan and the temporary refurbishment of two outlets, both of which have since successfully resumed operations. Total assets stood at BD27,318,014 with total equity holding firm at BD14,519,517, demonstrating the company's strong balance sheet and financial stability. Expansion initiatives AlAbraaj Restaurants Group is pushing ahead with an aggressive expansion strategy. Three new outlets have opened in Bahrain, including the Camel Club Café at Al Liwan in Hamala on Monday, Lumee at Bahrain City Centre, and Orso, a new Italian dining concept, at The Avenues Bahrain. Additionally, the group has established a wholly owned subsidiary in Saudi Arabia, with plans to open a flagship restaurant in Riyadh in 2026. The regional footprint was further strengthened with the launch of a YaSalam franchise at Jeddah Airport in March. Cost management success Despite challenging market conditions, the company has maintained profitability through stringent cost control measures. Finance costs were reduced by 27.22 percent, supported by a strategic partial principal payment of BD3 million following the company's IPO. AlAbraaj said these measures reflect its commitment to financial discipline while pursuing growth across Bahrain and the wider GCC region. The company remains confident in its ability to leverage its strong financial position to support ongoing investments and expansion plans. The group announced that all branches across Bahrain are fully operational, following successful refurbishments that enhanced service offerings and improved customer experience during the first quarter. AlAbraaj celebrated the opening of three new outlets in Bahrain, reflecting its commitment to introducing fresh concepts and strengthening its leadership position in the Kingdom's dynamic dining scene. The company's establishment of a wholly owned subsidiary in Saudi Arabia was described as a major step forward in its regional expansion strategy, with the upcoming Riyadh flagship restaurant poised to anchor its growing footprint in the Kingdom. AlAbraaj reaffirmed that its substantial asset base and strong equity levels provide a powerful platform to support its ambitious growth agenda, allowing it to capitalise on emerging opportunities and deliver sustained value to stakeholders.
Business Recorder
28-04-2025
- Business
- Business Recorder
Gold: price disparity confuses investors
KARACHI Gold buyers in Pakistan face conflicting pricing trends, with the open market hitting a historic high of Rs369,300 per tola, while the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) announced a sharp decline to Rs347,100 per tola, traders said on Monday. The disparity has left investors confused, as the open market reflects real-time global trading dynamics, whereas APSGJA—a non-trading platform —sets benchmark rates. According to the association, gold fell by Rs1,600 and Rs1,368 to Rs347,100 per tola and Rs297,582 per 10 grams, respectively. In contrast, open market rates surged amid active trading. Globally, gold dipped by $16 to $3,289 per ounce, while silver held at $33 per ounce. Domestically, APSGJA quoted silver at Rs3,497 per tola and Rs2,998 per 10 grams. Analysts note the open market's rates align more closely with international fluctuations, unlike the association's fixed valuations, creating a dual pricing challenge for traders and consumers. Copyright Business Recorder, 2025
Express Tribune
28-04-2025
- Business
- Express Tribune
Gold on downward trend amid trade optimism
Gold prices fell both in the local and international markets. In Pakistan, the price of gold per tola dropped by Rs1,600 on Monday, bringing it down to Rs347,100. Similarly, the price for 10 grams of gold declined by Rs1,368, settling at Rs297,582, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Friday, the gold rate had also decreased, falling by Rs3,300 to close at Rs348,700 per tola. International prices for Pakistan also weakened on Monday. According to the APGJSA, the international price stood at $3,289 per ounce, reflecting a $16 drop during the day. Gold prices dipped for a second consecutive session on Monday as US-China trade tensions eased, with markets awaiting key economic data later this week. Spot gold was down 0.6% at $3,297.10 an ounce. US gold futures rose 0.3% to $3,307.80, according to Reuters. "Optimism still persists over a US-China trade deal even though there is a lack of clarity," Zain Vawda, analyst at MarketPulse by OANDA, said. Rupee slips Meanwhile, the Pakistani rupee recorded a slight decline against the US dollar, slipped by 0.04% during inter-bank trading on Monday. By the end of the session, the rupee settled at 281.07, down by 10 paisas compared to the previous day's closing rate.
