Hospitality, entertainment sectors boost profits of Seef Properties

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Seef Properties yesterday reported a profit that surged more than 75% in the 2022 Q3 and 46% in the nine months, thanks to revenue growth both in the hospitality and the entertainment segments and the opening of “Yabeela family entertainment centre.

Chief Executive Officer, Ahmed Yusuf confirmed that the accelerated rate of economic recovery currently witnessed in Bahrain is contributing to the promotion of economic growth and further widening the opportunities for commercial and tourism sector recovery.

This, he said, is apparent in the improvement of the hospitality and entertainment sector performance as they record higher occupancy rates commensurate with the increase in visitors from outside Bahrain, particularly from Saudi Arabia and the Gulf Cooperation Council.

Q3 results

Quarterly net profit and comprehensive income attributable to the parent jumped 75.62% to BD 2.18 million from BD 1.24 m in the prior-year quarter.

Seef attributed the increased growth in revenue in both the hospitality and the entertainment segments due to the return to near-normal operational levels induced by the 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.

Diluted earnings per share attributable to the parent was 4.74 fils, compared to 2.70 fils for the same quarter of the previous year.

Operating profit jumped 51.67% to BD 3.08 m from BD 2.03 m in the year-ago quarter. Revenues rose 55.77% to BD 4.13 m from BD 2.65 m in the same quarter a year ago.

Nine-month results

Nine-month net profit and comprehensive income attributable to the parent increased 46.85% BD 5.20m from BD 3.54 m in the year-ago period.

Diluted earnings per share attributable to the parent amounted to 11.31 fils, compared to 7.70 fils for the same period of the previous year.

Operating profit stood at BD 9.27 m, compared to BD 7.35 m for the same period of last year, with an increase of 26.19%.

Revenues increased 31.08% to reach BD 11.67 m from BD 8.91 m in the same period a year ago. Essa Mohamed Najibi, Chairman of the Company’s Board of Directors, stated: “These results are a continued testament to the Company’s flexible business model and the diversification of its investment portfolio and activities in the shopping, entertainment and hospitality sectors, placing it firmly on the right path towards achieving its strategic objectives of sustainable growth and prosperity, and further bolstering its income diversification to better serve the interests of its shareholders and partners in success.”

Chief Executive Officer, Ahmed Yusuf, said, “The Company is confidently moving towards achieving better results in the last quarter of the year relying primarily on innovative management of its projects to attract larger numbers of visitors and new partnership opportunities.”