Seef Properties Q1 profit increases 7.47%

TDT | Manama                                                          

The Daily Tribune – www.newsofbahrain.com

Seef Properties yesterday said its profit rose in the first quarter of 2023, helped by the positive performance of its entertainment and hospitality businesses.

The company’s first quarter net profit and comprehensive income attributable to the parent was BD 1.56 million, up 7.47% from BD 1.45 m in the year-earlier quarter.

Seef attributed the increase to the positive performance of the entertainment sector with the opening of two new projects, "Yabeela" and "Hawa", as well as the upward performance of the Company's hospitality sector due to the easing of government restrictions related to combating the pandemic.

Earnings per share attributable to the parent was 3.40 fils, compared to 3.16 fils for the same quarter of the previous year. Operating profit rose 17.01% to BD 3.70 m from BD 3.17 m in the prior-year quarter.

Essa Mohamed Najibi, Seef Properties Chairman, stated: “We aspire to move to broader horizons of growth and prosperity by considering a number of investment opportunities and continuing to invest in national cadres who are the launchpad to move forward towards further development and innovation.”

Moreover, Najibi confirmed that Al Liwan mixed-use development will witness the opening of Fraser Suites, which comprises of 63 hotel apartments that are equipped with the latest designs and state-of-the-art facilities, in the Northern Governorate, especially to the Kingdom’s visitors; citizens and residents of the Kingdom of Saudi Arabia and other GCC countries.

Ahmed Yusuf, Chief Executive Officer of Seef Properties, said: “The commercial centres under Seef Properties’ umbrella continued to record remarkable growth in occupancy rates while attracting new brands, some of which are entering the Kingdom for the first time.

Meanwhile, Seef Mall – Seef District also continues to attract new tenants and shoppers alike, owing to its modern facilities and strategic location in the heart of Seef District, while it will soon host additional new brands.”

Yusuf added: “Al Liwan continues to show strong occupancy rates, with several prestigious brands announcing their opening in the project, bringing the current occupancy rate to 80%.”