Seef Properties records BD 1.5 million net profit as revenues rise 6.8% in Q3

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com

Seef Properties announced its financial results for the third quarter ended 30 September 2023. The Company reported a net profit and comprehensive income attributable to the parent amounting to BD 1.5 million, compared to BD 2.2m for the same period last year.

This represents a decrease of 31.4%, despite revenues and total operating income being higher compared to last year as a result of an increase in the provision for expected credit losses in the third quarter of 2023.

The basic and diluted earnings per share attributable to shareholders of the parent company in the third quarter of 2023 reached 3.25 fils, compared to 4.74 fils for the same period last year. The Company’s operating profits amounted to BD 3.3m during the third quarter of 2023, compared to BD 3m in the same period last year, an increase of 8%.

Revenues increased by 6.8% in the third quarter of 2023, reaching BD 4.4m, compared to BD 4.1m during the third quarter of 2022. The company recorded a net profit and comprehensive income attributable to the parent of BD 4.9m during the ninemonth period ending 30 September 2023, compared to BD 5.2m during the same period last year, a decrease of 6.7% due to the reasons stated above.

Basic and diluted earnings per share attributable to the parent for the period ended 30 September 2023 amounted 10.55 fils, compared to 11.31 fils for the same period last year. The Company’s operating profit stood at BD 10.4m during the nine-month period, compared to BD 9.2m for the same period last year, an increase of 13.1%.

Revenues increased by 13.3% in the period ending 30 September 2023, to reach BD 13.2m, compared to BD 11.7m for the corresponding period of 2022. Chairman of the Company’s Board of Directors, Essa Mohamed Najibi, said, “Seef Properties’ recent revenue growth, largely due to its entertainment sector activities, is intricately linked with Bahrain’s economic resurgence, reflecting a collective commitment to revitalizing the nation.”

Seef Properties Chief Executive Officer Ahmed Yusuf said, “The increase in revenues and total operating income during the third quarter of this year can be attributed to higher occupancy rates and a resurgence in business activity during the summer season.”