Seef Properties reports net profit of BD11.12 m

Seef Properties yesterday reported a net profit of BD11.12 Million and agreed to recommend cash dividends of 15 per cent, an equivalent of BD6.9m in the amount of BD0.015 per share. Chairman of Seef Properties, Essa Mohamed Najibi reiterated Seef Properties’ commitment to further solidify its position in the market through its mixeduse development projects despite volatile market conditions, also affirming the Company’s aim to develop and diversify its real estate portfolio while maintaining its profitability by focusing on other sectors.

Consolidated net profit reached BD11.12m for the year, an increase of 0.5 per cent as compared to BD11.06 in 2017. Earnings Per Share amounted to 23.73 fils for the year ended 31 December 2018 compared to 23.33 fils for the year ended 31 December 2017. Gross revenue was BD18.86m in 2018 compared to BD19.19m in 2017, an equivalent decrease of 1.70pc. Seef Properties achieved operating profits of BD14.85m in 2018 as compared to BD15.16 in 2017, a decrease of 2.07pc. For the fourth quarter, consolidated net profit was BD3.79m compared to BD3.13m for the same period last year, an increase of 21.1pc.

Earnings Per Share was 8.20 fils compared to 6.75 fils for the same quarter last year. Quarterly Gross Revenue was BD4.68m compared to BD4.71m for the same period last year. Q4 Operating Profit amounted to BD3.82m in 2018 compared to BD3.70m for the same period last year, an increase of 3.35pc. Looking ahead, Essa Mohamed Najibi expressed his satisfaction with the progress of the Liwan project, which is expected to be completed in the fourth quarter of 2019.

Commenting on the results, Chief Executive Officer of Seef Properties, Ahmed Yusuf revealed, “We invested in partnerships and joint ventures and continue to focus our strategy on diversification and growth with the Company’s Total Assets growing at a rate of 1.58pc.”