Wednesday, October 16, 2019

Seef Properties Posts Net Profits of BD2.23 Million in the First Quarter of 2019

Seef Properties, one of the leading integrated development companies in the Kingdom of Bahrain, released its financial results for the first quarter of 2019, citing a 1.66% increase in shareholder returns.

The Company’s Net Profits attributable to shareholders amounted to BD 2.19 million compared to BD 2.16 million for the same period last year, an increase of 1.66%. The Company achieved Operating Profits of BD 3.89 million compared to BD 3.75 million generated in Q1 2018, marking a rise of 3.83%.

Revenues for the current period slightly decreased by 0.49% (an equivalent of BD0.02 million) to BD4.61 million compared to BD4.63 million for the same period last year. Earnings per share reached 4.77 fils versus 4.69 fils in Q1 2018. Total shareholder equity was reported at BD145.83 million compared to BD150.83 million at the end of 2018, while total assets amounted to BD172.75 million compared to BD168.37 million at the end of the year.

The company reported slightly lower profits, prior to incorporating share of profit of its joint venture, at BD2.22 million, a decrease of 0.28% ​​compared to the BD2.23 million generated during the same period last year.

The Chairman of Seef Properties, Mr. Essa Najibi, said: “Seef Properties has proudly achieved an increase of 1.66% in shareholder returns compared to the same period last year. This certainly proves the strength of our investment portfolio, and the diversity of our assets. We would also like to recognize the dedication and tremendous efforts of our team which have contributed to the growth of the Company and its reputation in the Kingdom of Bahrain.”

“We look forward to many more accomplishments this year as the real estate market continues on its upward trend under the supervision of the Real Estate Regulatory Authority, which is seeking to build a strong ecosystem to encourage investment and meet the needs of all industry stakeholders. We also pledge to continue our efforts in developing real estate assets that create long-term value for our shareholders”, further added Mr. Najibi.

Seef Entertainment Company was established on 24th October, 2017 with several sub-brands under its management, namely: Magic Island at Seef Mall-Seef District and Muharraq; Jumpoline Park at Seef Mall-Isa Town; and the family entertainment center at “Liwan”. The Company also rolled out strategic upgrades to “Magic Island”, adding virtual reality games, video maps of the small train and the largest trampoline in the Kingdom of Bahrain.

Commenting on this regard, the CEO of Seef Properties, Mr. Ahmed Yusuf, stated: “Seef Properties continues to offer a unique shopping and entertainment experience, and the highest level of service to its mall visitors; our strategic approach has enabled us to set new retail standards and to continuously create exceptional memories across our shopping malls through the launch of large-scale initiatives and promotions.”

“Given the surge in inbound tourists visiting Bahrain, we are also looking to enhance our hospitality offering, and elevate the facilities at Fraser Suites Bahrain to meet visitor expectations for superior service, comfort and entertainment, in line with international industry standards”, concluded Mr. Yusuf.

It is worth noting that the surge in the Company’s profits was also the result of some key factors: namely, the diligence of the Seef Properties team in persistently studying the market trends, monitoring and analyzing the needs and requirements of its customer base in order to drive in quality brands that appeal to the target audience; and the Company’s increased investment in developing its entertainment facilities across all properties, a prime example being the upgrade of games at Magic Island which have made the venue more popular, and has contributed to a steady revenue increase.

Seef Properties was established in 1999 and is listed on the Bahrain Bourse. The Company manages a diversified portfolio of assets, and is regarded as one of the leading real estate developers in the Kingdom.

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