Bahrain's Seef Properties’ ‘flexible policies helped overcome new challenges’

Diluted earnings per share for the quarter amounted to 2.03 fils


MANAMA: Seef Properties has reported total comprehensive income of BD0.93 million for the third quarter of 2020, compared with BD2.35m for the same quarter last year, with a decrease of 60.22 per cent.

Diluted earnings per share for the quarter amounted to 2.03 fils, compared with 5.10 fils in the same quarter of last year.

Comprehensive income for the nine-month period ended September 30, 2020 was BD3.64m compared with BD7.07m for the same period of the previous year, a decrease of 48.47pc.

This is mainly attributable to the repercussions of the Covid-19 pandemic, which include reduction of income due to the introduction of the tenant support fund of BD1.8m, closure of family entertainment centres and decrease in hotel apartment occupancy rates.

Diluted earnings per share for the nine-months amounted to 7.92 fils compared with 15.36 fils for the same period of the previous year.

Total equity (after excluding the equity attributable to minority) for the nine-months decreased by 2.14pc to BD151.24m, compared withBD154.54m last year.

Total assets for the period decreased by 0.93pc to BD172.69m compared with BD174.32m in the previous year.

Seef Properties chairman Essa Najibi said, “This year has been extraordinary in all respect, as most companies were affected by the challenges transpiring from the outbreak of Covid-19, which have consequently caused a reduction in profit rates and revenues. Nonetheless, Seef Properties continued to implement flexible administrative and operational policies that enabled it to meet the new challenges while minimising loss.”

Mr Najibi added, “We are committed to competently managing crises by relying on a phased strategy in order to sustain our core operations in the real estate development, retail, entertainment and hospitality sectors.

We are looking forward to managing an investment portfolio that meets the aspirations of shareholders and customers, through the introduction of high-end projects and services that are unparalleled in the local market.”

Seef Properties chief executive Ahmed Yusuf said, “The retail, hospitality and entertainment sectors remain the most affected by the pandemic, which has directly impacted tourism and its related services. Nonetheless, Seef Properties succeeded in maintaining an excellent occupancy rate, due to flexible policies and cooperation with its partner tenants.

We are continuing to implement the best precautionary measures to ensure a safe environment to all customers, visitors, tenants and employees. All such efforts have led to Seef Malls being among the least affected commercial centres during the pandemic. We are hoping that the opening of family entertainment centres and cinemas will be reconsidered in line with the relevant directives.”

Mr Yusuf added, “Footfall rates at Seef malls have been witnessing steady improvement and are noticeably increasing with the full reopening of restaurants, which are considered an integral attraction.”

Commenting on the latest developments of multi-purpose joint venture project, Al Liwan in Hamala, the chief executive said, “Construction work is steadily progressing.

The completion rate has not been affected by the pandemic and we are looking forward to inaugurating the project by the first quarter of 2021. This project will introduce an exceptional experience in the Northern Governorate due to its remarkable residential and entertainment features, as well as retail outlets that will provide an incomparable lifestyle destination.”

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