Strong hospitality, entertainment sectors bolster Seef Properties Q2 and H1 profits

TDT | Manama                                                         

The Daily Tribune – www.newsofbahrain.com

Seef Properties yesterday reported a more than 50% jump in its second-quarter net profit, riding on the back of higher revenues from its hospitality and entertainment segments. Seef attributed the increase in revenues to return to near-normal operational levels induced by relaxation of travel and other pandemic restrictions, in addition to the opening of “Yabeela”, the new family entertainment centre in Al Liwan operated by the company’s entertainment arm.“The company’s activities continue to record strong growth in real estate, entertainment, shopping mall management and hospitality and provide new offerings to its valued customers,” said Essa Najibi, Chairman.

Q2 results

Second quarter net profit and comprehensive income attributable to the parent was BD 1.57 million, up from BD 1.04 m in the same quarter of last year, with an increase of 50.92%. Diluted earnings per share attributable to the parent amounted to 3.40 fils, compared to 2.26 fils for the same quarter of the previous year. Operating profit stood at BD 3.03m, compared to BD 2.67 m for the same quarter last year, with an increase of 13.43%. Revenues jumped 22.31% to BD 3.89 m from BD 3.18 m in the year-ago quarter.

H1 results

Net profit and comprehensive income attributable to the parent was BD 3.02 m for the period ended 30 June 2022, compared to BD 2.30 m in the same period of last year, with an increase of 31.31%. Diluted earnings per share attributable to the parent was 6.56 fils, compared to 5.00 fils for the same period of the previous year. Operating profit stood at BD 6.19 m, compared to BD 5.32 m for the same period last year, with an increase of 16.46%.

Revenues rose 20.62% to BD 7.55 m from BD 6.26 m in the corresponding period a year ago. Chairman, Essa Najibi stated, “The results are a testament of the efforts exerted to diversify the Company’s investment portfolio, and seize the opportunities arising from the gradual economic recovery, currently witnessed in Bahrain, which is directly attributed to the efforts of the wise leadership and the esteemed Government in setting favourable conditions to enhance economic growth and revive the various sectors.

 Chief Executive Officer, Ahmed Yusuf, stated: “The second quarter witnessed increased footfall in the malls operating under the Company’s umbrella, in addition to the notable brands opening such as eXtra in Seef Mall – Seef District which are a distinctive addition to the Company’s tenant mix as one of the largest electronics stores in the Kingdom. Meanwhile, more brands would open for trade shortly in Seef Mall – Muharraq, Seef Mall – Isa Town and Al Liwan.

Looking ahead, Yusuf said that the second half of this year will also witness the opening of more international brands, “most notably the Danube Supermarket, which is owned by Bin Dawood Holding Company in Saudi Arabia, with an investment size of 30 million Saudi Riyals.”