Latest news with #BahrainFlourMillsCompany
Biz Bahrain
25-04-2025
- Business
- Biz Bahrain
Transportation Ministry signs contract with Bahrain Flour Mills to support food security
The Ministry of Transportation and Telecommunications, represented by the Ports and Maritime Affairs, signed a land lease agreement with Bahrain Flour Mills Company for a 89,061-square-metre plot in the Bahrain Logistics Zone. The land will be used to build an integrated industrial facility equipped with modern infrastructure and advanced silos to enhance the strategic reserve's storage capacity, in line with the highest standards of quality, health, safety, and sustainability. Dr. Shaikh Abdulla bin Ahmed Al Khalifa, Minister of Transportation and Telecommunications, emphasised the ministry's commitment to developing infrastructure, attracting investment, and supporting logistics services that reinforce and sustain the food security system. He highlighted that this approach falls within the comprehensive development process led by His Majesty King Hamad bin Isa Al Khalifa and supported by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. The minister highlighted the project's role in enhancing Bahrain Flour Mills' storage capabilities and improving distribution efficiency through integration with the Kingdom of Bahrain's transport and logistics networks. The initiative supports food security, diversifies and sustains supply chains, and meets local market needs in line with His Majesty the King's food security initiative and the National Food Security Strategy (2020–2030), aligned with Bahrain Economic Vision 2030. Basim Mohamed Alsaie, Chairman of Bahrain Food Holding Company and Bahrain Flour Mills Company, expressed appreciation to the minister for supporting this strategic project. He underlined its importance in expanding the company's operational and storage capabilities through the construction of modern silos and industrial facilities, enhancing the Kingdom's readiness to address global economic challenges related to food security. The contract signing was attended by Wayne Henry Craig, CEO of Bahrain Flour Mills Company. BNA(R)
Daily Tribune
26-02-2025
- Business
- Daily Tribune
BFM reports results, announces dividend
Bahrain Flour Mills Company (Al-Matahin) (BFM) yesterday reports quarterly and Full year 2024 results, which the company said was impacted by decrease in investment income from listed securities, booked depreciation for the new production line at the mill as well as increase in other operating expenses. In ine with results, the Board of Directors meeting, chaired by Mr. Basim AlSaie, Chairman of the Board of Directors, recommended the distribution of a cash dividend of BHD 620,620 equivalent to 25% of its paidup capital, subject to approval by the General Assembly and regulators. Q4 results BFM achieved a net loss for the fourth quarter of BD (95,653), compared to a net profit of BD 895,494 for the same period in 2023. The decrease in the net profit for the fourth quarter of the year 2024 in comparison to the same period in 2023 is attributed to the decrease in investment income from listed securities besides booked depreciation for the new production line at the mill, in addition to the increase in other operating expenses. Profit per Share was fils 3.86 for Q4 2024 versus fils 35.75 for the same period in 2023. Operating loss for Q4 2024 was BD (322,841) versus BD (35,887) loss for the same period in 2023. The reason for the decrease in operating profits for the period is due to the increase in operating expenses followed by capitalization of the new mill project and the depreciation costs, in addition to lease cost provisions relevant to the leased land reserved for the planned new mill plant. BFM generated Q4 sales of BD 1,868,459 versus BD 1,954,288 in Q4 2023 - decreased by 4%, basically, relevant to market demand on uncontrolled flour products and decrease in bran production. Full year results For the year ended 31st December 2024, BFM reported a Profit of BD 432,791 versus BD 2,501,179 for the same period in 2023 – decrease by 83%. The decrease in net income for the year 2024 in comparison to the year 2023 relates to the increase in the market valuation of equity investment and increase in operating & non-operating expenses, besides the increases on finance cost. Earnings per Share was fils 17.43 versus fils 100.75 for the same period in 2023. Operating loss was BD (208,663) versus BD 488,989 for the same period in 2023. BFM generated sales of BD 7,605,900 in 2024 versus BD 7,677,225 in 2023 - decrease by 1%. Total equity decreased by 1% to BD 26,863,596 compared with BD 27,076,425 as recorded on 31 December 2023. The total assets for the year ended 31 December 2024 reached BHD 39,713,717 compared to BD 35,548,935 at the end of the same period in 2023, being an increase of 12% due to capitalization of new mill project and recording of new lease agreements that includes the planned new Mill land lease.
