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PRESS RELEASE: Bahrain Car Parks Company announced its financial results for the third quarter of 2020

November 10 2020

Manama, Bahrain: Bahrain Car Parks Company (trading symbol: CPARK) today announced its financial results for the nine months ended 30 September 2020.

The company achieved a net profit of BD 130K for the three months ended 30 September 2020, compared to BD 256K reported for the same period in 2019, a decrease of 49%. Basic and diluted earnings per share were at 1.19 fils compared to 2.34 fils for the same period last year.

Total comprehensive income for the third quarter of the year was 126K, 49% lower compared to BD 246K reported for the same period last year. The company reported an operating income of BD 391K compared to BD 493K for the same period in 2019, a decrease of 21%.

As for the company’s financial results for the nine months ended 30 September 2020, net profit reached BD 553K compared to BD 617K reported for the same period last year, a decrease of 10%, which is primarily due to the drop in demand for the company’s main services resulting from the precautionary measures taken by the government to ensure effective social distancing in its efforts to combat the COVID-19 pandemic. Basic and diluted earnings per share were at 5.06 fils, compared to 7.32 fils for the same period in 2019. The company reported a total comprehensive income of BD 419K, 18% higher compared to BD 356K reported in the previous year, and a 6% increase in operating income, BD 1.2 million compared to BD 1.1 million for the same period in 2019.

Total equity attributable to the shareholders of the company amounted to BD 19.5 million compared to BD 19.6 million for the year ended 31 December 2019, which represents a decrease of 0.5%. The company’s assets were at BD 20 million, 1% lower compared to BD 20.2 million in the previous year.

Commenting on the financial results, Chairman of Bahrain Car Parks Company, Mr. Amin Alarrayed, said, “The challenges imposed by the COVID-19 pandemic are unprecedented and have adversely impacted the operations of businesses across the globe. Bahrain Car Parks Company has been standing strong in the midst of the storm, a position that could not be achieved without the tremendous support received from the government and the dedicated effort of the management and the team.”

Chief Executive Officer of Bahrain Car Parks Company, Mr. Tariq Ali Aljowder, said, “The company, represented by its Board of Directors and its employees, contributed great efforts to sustain the shareholder value during these difficult times. In support of the government’s direction to contain the pandemic, the company will continue to provide the services within its scope to the team of the COVID-19 national call center.”

Established in October 1981, Bahrain Car Park Company B.S.C., is a public company that has been listed on the Bahrain Bourse since March 2006. The Company operates in the commercial and professional services sector and specializes in parking management and property leasing.

The full set of the financial statements and the press release are available on the website of Bahrain Bourse and the company’s new website www.carparks.bh.

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