Seef properties reports BD6.20m net profit

TDT | Manama                      

The Daily Tribune – www.newsofbahrain.com   

Seef Properties announced its financial results for the financial year ended 31 December 2022, including the results of the fourth quarter of 2022.

Based on the financial results, the Board of Directors also recommended distribution of cash dividends of 8% of share nominal value, equivalent to 8 Fils per share amounting to BD 3.68 million, as well as the allocation of BD 0.17 m towards the Company’s corporate social responsibility programme.

Quarterly results Fourth quarter net profit and comprehensive income was BD 0.99 million attributable to the parent, compared to BD 1.48 m for the same period of the previous year, with a decrease of 32.69%.

The decrease is attributable to increase in marketing expenses commensurate with the 25th Anniversary celebrations of Seef Mall – Seef District and the reduction in rental income.

Earnings per share attributable was 2.16 Fils, compared to 3.21 Fils for the same period the previous year.

Operating profits stood at BD 2.86 m, compared to BD 2.92 m for the same period in the previous year, with a decrease of 1.90%.

Full year results Full year net profit and comprehensive income attributable to the parent was BD 6.20, compared to BD 5.02 m for the same period last year, with an increase of 23.46%.

This increase is mainly attributable to the full lifting of all COVID-19 restrictions and the opening of Yabeela, a family entertainment centre operated by the Company’s entertainment arm, Seef Entertainment, at Al Liwan, in addition to increasing revenues from the hospitality sector, with steady occupancy levels recorded for the hotel apartments.

Earnings per share attributable to the parent amounted was 13.47 Fils, compared to 10.91 Fils for the same period of the previous year. Operating profits reached BD 11.98 m, compared to BD 10.26 m for the same period of the previous year, with an increase of 16.69%.

Chairman, Essa Mohamed Najibi, stated, “We will proceed according to our defined strategy and remain at the forefront of the best performing national companies, with our diversified portfolio of projects which serves several governorates across the Kingdom.”

Chief Executive Officer, Ahmed Yusuf, commented, “The Company is further expanding in the entertainment sector in the Kingdom and is currently considering a number of other entertainment activities, with its latest offering, Hawa entertainment centre, opening in January 2023 in Souq Al Baraha located in Diyar Al Muharraq.”