| 02 Mar 2010 |
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Seef Properties (Seef) reports a net operating profit of BD 7.86 million for the year 2009
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Manama, Bahrain, March 2, 2010: Seef PropertiesSeef Properties
(SeefSeef) reported a net operating profit of BD 7.86 million for the year 2009 as compared to BD 8.33 million last year. Announcing the results for the year 2009, Chairman of Seef PropertiesSeef Properties
Mr. Abdulrahman Fakhro said, 'this represents a mild reduction of 5.6% over the last year, and given the economic situation that the region has sailed through in the last year, we believe that these levels of operating results are acceptable.' The property rental income reduced marginally from BD 9.18 million last year to BD 9.04 million in 2009. 'This is caused by strategic changes adopted by several regional retailers who have relocated their operations out of Bahrain. The year 2009 witnessed series of austerity measures brought in by many entities that included review of ongoing projects, reduced spending on advertising and publicity. Most businesses have now been adopting a very cautious approach in offering any new commitments. Such steps that were expected in an economic scenario witnessed globally, have certainly impacted the operations and performance of most retail facilities,' explained Mr. Fakhro.
'The property market is still in the stage of correction,' observed Mr. Fakhro. As an obvious outcome of the changes in the valuations, the Company's investment property has been impacted by recognition of unrealized fair-value adjustment of BD 809,330 in the year 2009. The fair-value gains recognized during 2008 was BD 7.19 million.'
As a result of the above, the net profit for the year 2009 stood at BD 7.05 million compared to BD 15.72 million in 2008. The basic earnings per share for the year 2009 were 15 fils per share as compared to 34 fils per share at end-2008.
During the year 2009, the wholly owned subsidiary Fraser Suites Seef commenced its commercial operations, offering high-class fully-furnished serviced apartments in the newly opened Tower block which is part of the Seef MallSeef Mall. 'We are delighted about the response that this segment has received in its first 7-months of operations,' said Mr. Fakhro. A new multi-storey car park with a capacity of 550 spaces has also been opened to public during 2009. Additional passenger lifts have been added to the old multi-storey car park. In 2010, Seef MallSeef Mall is set to undergo an internal renovation that will enhance the ambience and will provide better shopping experience to the visitors.
'The Company looks forward to a sustained growth and stability in the economy with a strong hope and belief that all economic sectors return to more realistic and credible levels,' said Mr. Fakhro
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© Press Release 2010
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