Seef Properties posts BD3.36 million H1 profit

TDT | Manama                                   

The Daily Tribune – www.newsofbahrain.com

Seef Properties yesterday reported second quarter and six-months 2023 profits, which grew from a year ago, thanks to the positive performance of the company’s entertainment sector.

Quarterly results

Second quarter net profit and comprehensive income attributable to the parent was BD 1.80 million, compared to BD 1.57 m in the same quarter of last year, with an increase of 14.65%.

The increase is mainly attributable to the positive performance of the entertainment sector, with the opening of “Yabeela” and “Hawa”, in addition to the steady improvement of the Company’s performance in the hospitality sector.

Basic and diluted earnings per share attributable to the parent amounted to 3.90 fils, compared to 3.40 fils for the same quarter of the previous year. Operating profit stood at BD 3.45 m, compared to BD 3.03 m for the same quarter of last year, with an increase of 14.04%.

H1 results

Net profit and comprehensive income attributable to the parent was BD 3.36 m for the six month period ended 30 June 2023, compared to BD 3.02 m for the same period of last year, with an increase of 11.19%.

Basic and diluted earnings per share attributable to the parent was 7.30 fils, compared to 6.56 fils for the same period of the previous year. Operating profit rose by 15.56% to BD 7.16 m from 6.19 m in the same period of the previous year. Revenues increased by 16.85%, reaching 8.82 m, in comparison with BD 7.55 m reported in the same period of last year.

Essa Najibi, Chairman of the Board of Directors, stated: “Seef Properties is making remarkable strides towards achieving heightened success in its business model, with a focus on solidifying its prestigious position as a leader in the real estate development, mall management, entertainment and hospitality sectors.

Notably, Seef Properties has exhibited outstanding financial and operational performance throughout the current year, accompanied by a promising upward trend in investment returns. These notable accomplishments are directly attributed to the implementation of the Company’s comprehensive and integrated strategy, which has effectively positioned Seef Properties at the forefront of the real estate development entities in the Kingdom.”

Seef Properties is set for a significant boost in its performance in the hospitality sector following the signing of an agreement with “Fraser Hospitality Pte Ltd” to manage and operate the upcoming Fraser Suites in Al Liwan.

“The property is expected to officially launch by the end of 2023. Ahmed Yusuf, the Chief Executive Officer, stated: “The Chief Executive Officer added: “Looking ahead, the Company is remains dedicated to investing in the flourishing entertainment sector which holds immense promise in the Bahraini market.

Similarly, the hospitality sector has witnessed notable advancement, with Fraser Suites – Seef experiencing substantial growth in occupancy rates, fuelled by the recovery of the tourism sector during the first half of this year.”