Net Profits for 1st Quarter of 2012 Recorded atBD1.66m
Seef Properties announced at its Board meeting yesterday aprogressiverecord to the year with a 20% increase in the first quarter net profits at BD 1.66 million as compared to BD1.38 million for the same period last year.
Shaikh Abdulla bin Khalifa Al Khalifa, Chairman of Seef Properties commented, "We have had a very encouraging start to 2012 in registering a remarkable revenue growth. This is largely attributed to a strong performance from the leisure sector backed by consistent performance from the retail and hospitality sector of the company's businesses."
"Seef Properties' success in the first quarter of 2012 was due to a sound, well managed and diversified investment approach accompanied with the implementation of successful marketing and promotional campaigns," he continued.
The company's shareholders equity increased by 7% from BD 105.9m in the first quarter of 2011 to BD 111.3m for the same period this year with the earnings per share valued at 3.6fils as compared to 3 fils in 2011.
"I am confident that this growth trendwill continue to accelerate as the year progresses and will assist in building on our successful track records; placing ourselves in an even stronger position in the months to come," concluded Shaikh Abdullah.
Seef Mall's exciting lineup of promotions including the on-going 'Seef, It's My mall' campaign, coupled with the opening of a string of new retail and dining outlets and value-added services, havegiven a tremendous boost to shopping activities in Seef Properties' flagship retail property- Seef Mall.
"The restoration of economic stability in the kingdom of Bahrain has assisted a great deal in elevating foot traffic in all our retail properties and this has given us a jump start to a positive and healthy profit growth," said Robert Addison, General Manager of Seef Properties.
"Seef Properties has entered a positive year focused on identifying new opportunities in line with the fast-changing economic environment and consumer trends. As the year progresses we hope to meet and even exceed expectations in all aspects and thus continue to deliver positive results and ensure sustainable growth for our shareholders," he further added.
Addison further confirmed that a number of large-scale promotions and new outlets are planned for roll-out this year and will be announced in due course.
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© Press Release 2012
