PRESS RELEASE

Back

PRESS RELEASE: Bahrain Car Parks Company announces its financial results for the second quarter of 2021

August 4 2021

Bahrain Car Parks Company (trading symbol: CPARK) today announced its financial results for the three months ended 31 March 2021.

Bahrain Car Parks Company (trading symbol: CPARK) today announced its financial results for the six months ended 30 June 2021.

The company achieved a net profit of BD 170K for the three months ended 30 June 2021, compared to BD 285K reported for the same period in 2020, a decrease of 41%. Basic and diluted earnings per share were at 1.55 fils compared to 2.61 fils for the same period last year.

Total comprehensive income for the second quarter of the year was BD 71K, 74% lower compared to BD 276K reported for the same period last year. The company reported an operating income of BD 444K compared to BD 355K for the same period in 2020, an increase of 25%.

As for the company’s financial results for the six months ended 30 June 2021, net profit reached BD 368K compared to BD 423K reported for the same period last year, a decrease of 13%, 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 3.37 fils, compared to 3.87 fils for the same period in 2020. The company reported a total comprehensive income of BD 215K, 27% lower compared to BD 294K reported in the previous year, and a 7% increase in operating income, BD 881K compared to BD 823K for the same period in 2020.

Total equity attributable to the shareholders of the company amounted to BD 19.3 million compared to BD 19.7 million for the year ended 31 December 2020, which represents a decrease of 2%. The company’s assets were at BD 19.9 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 company proved to be resilient in face of a challenging environment. In line with our five-year strategy which is focused on adopting the latest technologies, we will continue to expand our presence in the market as we collaborate with the private and public sectors to enhance our customers’ experiences.”

Chief Executive Officer of Bahrain Car Parks Company, Mr. Tariq Ali Aljowder, said, “Despite the continued adverse effects imposed by the pandemic on the global economy, we are happy to report positive results for the second quarter of the year. We are optimistic that our operations will recover during the next months till year end as we are planning to launch additional initiatives to diversify our portfolio of services.”

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.

– Ends –