BMMI announce yearly figures

Bahraini FMCG company, BMMI, announce a net profit of US $27.8 million thanks to its warehouse operations in the Kingdom.

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By  Laura Barnes Published  June 15, 2005

BMMI, the Bahraini FMCG company has announced a net profit of US $27.8 million for 2004, up 27.3% over 2003, shareholders equity also grew by 38.6% to $70.3 million. The company, which recently signed a joint venture deal with BANZ (Bahrain New Zealand Cold Storage & Warehousing company) to create B&B Logistics, has set up 3PL warehouses at Mina Salman port and Djibouti Free Zone to store high end FMCG food and beverages for a number of customers ranging from Bahrain Duty Free to NGOs and US government departments based in East Africa. However, BMMI chairman, Abdulla Buhindi, said the main contribution to the growth in net profitability came from the group’s core activities in Bahrain. “Regarding future profitability trends, the dramatic increases of the last two years have been heavily influenced by geopolitical events in the region, which have benefited our food services contract supply activities,” said Buhindi. “However, it is unlikely that the current high volume of this business will be sustained in the medium to long term and it will also be further affected by increasing competition at the regional and international level,” he added. Besides announcing these results, BMMI also announced that it is currently bidding for five new contracts, which will be awarded in the first quarter of this year: “While we remain confident of winning at least some of this new business, the outcome cannot be guaranteed,” said Buhindi. “This year, the opening of offices in the strategically-located free zones of Jebel Ali and Djibouti will help spearhead new regional business development initiatives in the GCC and Africa,” he added.

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