Seef Properties reports BD 6.44m profit, proposes dividend payout

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Seef Properties (SEEF) announced a substantial increase in both its quarterly and full-year profits for 2023.

The company attributed this uptick to enhancements in rental income, a prosperous operational year at Yabeela, the successful launch of HAWA, and increased activity within the hospitality sector, characterized by high occupancy rates in the hotel apartments.

In light of these results, the Board of Directors has recommended distributing cash dividends equivalent to 9% of the share nominal value, amounting to 9 Fils per share, totaling BD 4.14 million.

Additionally, the board proposed further allocations of BD170,000 towards the Company’s corporate social responsibility programme.

Fourth quarter

Fourth quarter net profit and comprehensive income attributable to the parent jumped 59.71% to BD 1.59 million from BD 0.99m in the same quarter a year ago.

Diluted earnings per share attributable to the parent amounted to 3.45 Fils, compared to 2.16 Fils for the same period the previous year.

Operating profits stood at BD 3.54m, compared to BD 2.68m for the same period in the previous year, an increase of 32.04%.

Full year

Net profit and comprehensive income attributable to the parent was BD 6.44m, compared to BD 6.20m for the same period of the previous year, with an increase of 3.95%.

The rise in revenues is mainly attributable to rental improvements, a successful year of operations at Yabeela, the opening of HAWA, and higher hospitality sector activity, with high occupancy levels recorded by the hotel apartments.

Diluted earnings per share attributable to the parent was 14.00 Fils, compared to 13.47 Fils for the same period of the previous year.

Operating profits reached BD 13.95m, compared to BD 11.89m for the same period of the previous year, an increase of 17.36%.

Seef Properties Chairman, Essa Mohamed Najibi, stated, “We are pleased to share the 2023 financial results of Seef Properties, which attest to the efficacy of our strategic policies and validate our focus on diversifying our portfolio.

This growth benefited from improved rental income but is also attributable in part to our expansion in the entertainment sector, including higher hospitality sector activity and operational efficiency.

These positive results encourage us to forge ahead with our current strategy to strengthen our position among the best performing companies in the Kingdom.”

Najibi underscored Seef Properties’ proactive approach in identifying and capitalizing profitable investment opportunities across sectors, ensuring sustainable growth: “Through a major strategic initiative, the company is revitalizing existing assets, strengthening its brand presence, and aligning its operations with Bahrain Economic Vision 2030, which focuses on the expansion of the tourism sector.

By hosting popular events and prioritizing the interests of shareholders and clients, Seef Properties contributes to economic development while maximizing long-term value creation.”

Seef Properties Chief Executive Officer, Ahmed Yusuf said, “We managed to overcome the challenges of the market, leveraging our understanding of market dynamics to navigate the significant macroeconomic factors we faced in 2023.

We continued to succeed in our efforts to attract global brands, many entering the Kingdom for the first time, while also managing successful promotional campaigns such as ‘Shop & Win Cash’.

We eagerly anticipate the sustained progression of our strategy as we venture into the new year, and reaffirm our commitment to fortify our projects portfolio, achieve robust financial results, and accomplish remarkable operational milestones.” He added, “Throughout the year, we marked significant milestones across the sectors we invest in.

In July 2023, we opened Al Liwan Cinema. Additionally, we inaugurated Hawa in January last year. Earlier this year, we planned the opening of Fraser Suites Al Liwan, which is expected to contribute majorly to our bottom line going forward.

This special focus on the entertainment and hospitality sectors further diversifies our portfolio and offers an enhanced experience to our valued customers.”