Seef properties reports BD 1.45 million Q1 net profit

TDT | Manama  

The Daily Tribune – www.newsofbahrain.com

Helped by strong performances in retail, entertainment and hospitality segments, Seep Properties yesterday reported a 15.19% increase in profit for the first quarter of 2022.

Looking ahead, the company also said it is expecting a “faster economic recovery this year” and has increased confidence in the local market due to the ambitious economic recovery plan.

“The Company has recorded positive operational levels in its hotel apartments, family entertainment and hospitality centres in the first quarter of this year, which contributed to the increase of the Company’s revenues,” said Company’s Chief Executive Officer, Ahmed Yusuf.

Q1 results

Net profit and comprehensive income attributable to the parent was BD 1.45 million, compared to BD 1.26 m for the same quarter of last year, with an increase of 15.19%. The increase is attributable to increase in revenues due to retail, entertainment and hospitality segments witnessing a significant relaxation of pandemic related government restrictions leading to a gradual return to near-normal operational level across these sectors when compared to the same period last year.

Diluted earnings per share attributable to the parent amounted to 3.16 fils, compared to 2.74 fils for the same quarter of the previous year.

Operating profit stood at BD 3.17 m, compared to BD 2.65 m for the same quarter of last year, with an increase of 19.52%. Revenues increased by 18.88% to reach BD 3.66 m, compared to BD 3.07 m in the year ago quarter, mainly due to the reasons cited above.

Essa Mohamed Najibi, the Company’s Chairman, stated: “The Company continues to target new development projects in governorates of the Kingdom and is keen to increase its revenues for the benefit of the Company's shareholders “We are optimistic of a faster economic recovery this year, with increased confidence in the local market due to the ambitious economic recovery plan, which will have a positive impact on our main business operations and leave a tangible impact on project development and strengthen our financial performance this year.”

Chief Executive Officer, Ahmed Yusuf said: “The three (3) Seef Malls, Seef Mall – Seef District, Seef Mall – Muharraq and Seef Mall – Isa Town, continue to attract more distinguished brand names with announcements of new brands opening branches being made throughout the current year, which further serves to prove the Company's innovative and attractive business model.

Additionally, the Company continues to introduce promotional offers, large shopping campaigns and valuable prizes to increase the footfall and the number of shoppers and visitors to the three (3) malls.”