Seef Properties has recently announced its financial results for the first quarter of 2017 citing a total net profit of BD2.45 Million, compared to BD2.20 Million recorded during the same period last year, which marks a growth of 11.33%.
Commenting on the financial results, the Chairman of Seef Properties, Mr Essa Najibi said: “We are pleased to be reaping the rewards of our strategy and to have achieved robust results on all fronts, including revenues, profits, and across the company’s overall activities. We are pushing ahead with our efforts to realize the company’s corporate objectives. We are pursuing a steady approach guided by our solid vision which aims to achieve sustainable profits and identify new investment opportunities in order to enhance our investment portfolio.”
“We have completed all design works for the new real estate project in Hamala, which falls under the umbrella of LAMA real estates, and we are now working towards commencing the tendering process. We will be launching the construction in the second quarter of this year. This mixed-use project will provide residential, commercial and entertainment facilities with the aim of creating an integrated and self-sufficient community. The addition of this new project to Bahrain’s real estate sector will further enhance the tourism infrastructure in the Kingdom and support the national economy,” added Mr. Najibi.
“As we enter the second quarter of this year, we will be focusing our efforts on monitoring and evaluating prospective growth opportunities in order to develop our investment portfolio in the long run and maintain strong financial results; simultaneously we will continue to provide product and service excellence in line with international standard”, concluded Mr Najibi.
Seef Properties reported Operating Income of BD4.39 Million in the first quarter of 2017 compared to BD3.61 Million during the same period in 2016, marking an increase of 21.58%. The Company achieved Operating Profits of BD3.89 Million compared to BD3.46 Million during the same period last year.
Commenting on the achievement and efforts exerted by the management and employees, the Seef Properties CEO, Mr Ahmed Yusuf, stated: “The performance of Seef Properties is an important indicator of our progress, especially for the management team and employees who are working tirelessly to implement the Company’s strategic plans. Our top priority is to provide the best service possible and we are continuously looking to enhance our entertainment facilities, enrich the customer service at Magic Island and improve the games and related services.”
Headquartered in the Kingdom of Bahrain, Seef Properties was launched in 1999 and it is a publicly listed company.