Financial highlights for 2019 Full Year

Despite flat revenue growth in 2019, adjusted profit reached BHD 10.7mn driven by effective cost management, meeting KPI targets and double interest income.

• 2019 FY revenue remains the same compared to 2018 FY. The strong revenue growth in both General cargo and Marine business offset by the reduced volume in the Container business, which is driven by reduction in the local market consumption and the lack of project volumes.
• Despite flat revenue growth in 2019, Operating profit increased 5.2% to BHD 11.4mn, reflecting a margin of 29.9%. All KPI targets were met thus resulting in zero KPI penalty.
• Adjusted Profit for the year boosted by 2.1% to BHD 10.7mn reflecting effective cost management and higher interest income.

*Adjusted net profit shows net profit adjusted with IFRS16 effect. IFRS16 impact is BHD 0.49mn in 2019