|30 October, 2019

Bahrain's Seef Properties profit hits $18.16mln

Revenues decreased by 6.09%

Image used for illustrative purpose. City skyline in Manama, Bahrain.

Image used for illustrative purpose. City skyline in Manama, Bahrain.

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MANAMA: Seef Properties has reported financial results for the nine months ended-September, including the third quarter of 2019.

The company achieved net profit of BD2.35 million for the third quarter compared with BD2.57m for the same quarter last year, with a decrease of 8.8 per cent.

Operating profit for the third quarter was BD3.69m, compared with BD3.72m for the same quarter last year, with a decrease of 0.7pc.

Revenues decreased by 6.09pc to BD4.64m compared with BD4.94m for the same quarter last year.

Additionally, earnings per share amounted to 5.10 fils, compared with 5.59 fils in the same period last year.

For the nine months, net profit amounted to BD7.07m, compared with BD7.14m for the same period last year, a decrease of 1.07pc.

Operating profit for the period ended September was BD11.48m, compared with BD11.02m for the same period last year, an increase of 4.13pc.

Revenues for the period decreased by 2.6pc to BD13.81m compared with BD14.18m for the same period last year.

Additionally, earnings per share amounted to 15.36 fils, compared with 15.53 fils in the same period last year.

Equity as of end-September was BD150.68m, compared with BD150.83m last year, a decrease of 0.09pc.

Total assets as at 30 September were BD170.61m compared with BD168.37m last year, an increase of 1.33pc.

The change in net profit is due to increasing competition within the industry, in addition to the changing local and regional economic market conditions affecting the real estate sector.

“We strive to achieve the financial targets we set despite the challenges and changing market economic conditions, and we persistently aim to improve the company’s financial performance by developing our real estate projects and expanding our business portfolio,” said chairman Essa Najibi.

“We remain committed to becoming one of the leading companies in the real estate sector in Bahrain and work extensively to elevate our developmental projects in various key sectors to maximise shareholder value through higher returns,” he added.

Fraser Suites, owned by Seef Properties, posted an increase in revenues in comparison with the same period of last year as a result of high occupancy rates attributable to the renovations made to the premises, which have made a positive impact.

Located in Seef District, Fraser Suites has completed various renovations and developments to date, with further renovations currently in progress, all aimed at improving the hotel apartment experience in Seef District.

Seef Entertainment, also owned by Seef Properties, is investing in the development of new entertainment projects in 2019.

On the retail front, Seef Mall has also witnessed an increase in its occupancy rates and continues to attract leading local and international brands.

Furthermore, Seef Properties has recently adopted a more sustainable approach by integrating modern standards of practice into its daily operations in order to achieve sustainable development.

Seef Properties chief executive Ahmed Yusuf said, “The influx of visitors to Bahrain has led to an increase in demand for tourism services and retail facilities. We therefore made it a priority at Seef Properties to further develop and enhance our facilities and retail offerings by continuing our efforts to attract well-known and popular brands to the Mall to achieve higher occupancy rates than the previous period.”

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