Bahrain: Seef Properties records 7.47% jump in Q1 net profit

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Bahrain - Seef Properties, an integrated real estate development company in Bahrain, has reported a net profit and comprehensive income attributable to the parent of BD1.56 million ($4.1 million) during the first quarter of 2023, up 7.47% when compared to BD1.45 million ($3.8 million) last year.

Announcing its results for the first three months ended March 31, 2023, Seef Properties said this increase was attributable to the positive performance of the entertainment sector with the opening of two new projects, "Yabeela" and "Hawa", as well as the upward performance of its hospitality sector due to the easing of government restrictions related to the pandemic.

Diluted earnings per share attributable to the parent for the first quarter amounted to 3.40 fils, compared to 3.16 fils for the same quarter of the previous year.

Its operating profit stood at BD3.7 million compared to BD 3.17 million last year, with an increase of 17.01%.

Seef’s total equity (after excluding the equity attributable to minority) for the first quarter decreased by 1.34% to reach BD156.20 million, compared to BD158.32 million as on December 31, 2022.

The total assets for the period increased by 0.49% to reach BD180.23 million from BD179.35 million as on 31st December 2022.

On the Q1 results, Chairman Essa Mohamed Najibi said: "Seef Properties continues to build on the achieved gains to sustain balanced financial and operational performance. This was accomplished at the outset of 2023 by recording remarkable financial results, advancing the company's success in recording the highest levels of efficiency in its business model."

"We also continue our endeavours to consolidate our position in the local market, by leading the real estate development, management of commercial centres, entertainment and hospitality sectors. Seef Properties reiterates its commitment to its valued shareholders, customers and partners in diversifying its projects portfolio and providing innovation in the Bahraini market to meet their aspirations and needs at all times," he stated.

Najibi pointed out that amidst the positive economic momentum witnessed by the kingdom’s non-oil sectors, and the recovery of its tourism and commercial movement, Seef Properties is set to continue recording positive financial and operational performance during the current year.

This will be achieved through focus on expanding in the entertainment and hospitality sectors, and management of commercial centres, thus gaining a larger segment of clients and meeting its strategic goals to be at the forefront of real estate development companies in the kingdom, he said.

CEO Ahmed Yusuf said: "We are pleased with the positive financial and operational results achieved in Q1, which demonstrates the company's success in adopting an integrated strategy of diversifying investments and revenues, and the expansion of our client base."

"The commercial centres under Seef Properties’ umbrella continued to record remarkable growth in occupancy rates while attracting new brands, some of which are entering the kingdom for the first time," he stated.

"Meanwhile, Seef Mall – Seef District also continues to attract new tenants and shoppers alike, owing to its modern facilities and strategic location in the heart of Seef District, while it will soon host additional new brands," he noted.

Yusuf pointed out that Seef Properties continued to lead the entertainment sector with a diversified portfolio of entertainment projects under the management of its subsidiary; Seef Entertainment. Yabeela, the largest entertainment centre in the Kingdom, is attracting thousands of families from Bahrain, GCC countries and abroad throughout the year.

Additionally, the opening of Hawa Entertainment Centre last January in Souq Al Baraha in Diyar Al Muharraq was also met with a significant turnout, while the company plans to further expand in the promising entertainment sector.

"Fraser Suites – Seef District also recorded additional improvement in occupancy rates, simultaneously with the recovery of tourism and the increasing number of tourists coming to the Kingdom, especially from the neighbouring GCC countries," he added.