Manama, Kingdom of Bahrain – Seef Properties B.S.C. (Bahrain Bourse Trading Code: SEEF) announced its financial results for the third quarter ended 30 September 2024. The Company reported a net profit and comprehensive income attributable to the parent amounting to BD 1.1 million, compared to BD 1.5 million for the same period last year. This represents a decrease of 28%, attributable to market fluctuations.

The basic and diluted earnings per share in the third quarter of 2024 reached 2 fils, compared to 3 fils for the same period last year. The Company's operating profits amounted to BD 2.7 million during the third quarter of 2024, compared to BD 3.3 million in the same period last year, a decrease of 17.8%. Revenues decreased by 12.3% in the third quarter of 2024, reaching BD 3.9 million, compared to BD 4.4 million during the third quarter of 2023.

The company recorded a net profit and comprehensive income attributable to the parent of BD 4.2 million during the nine-month period ending 30 September 2024, compared to BD 4.9 million during the same period last year, a decrease of 13.5% due to market fluctuations.

Basic and diluted earnings per share for the period ended 30 September 2024 amounted to 9 fils, compared to 11 fils for the same period last year. The Company’s operating profit stood at BD 9.2 million during the nine-month period, compared to BD 10.4 million for the same period last year, a decrease of 11.5%. Revenues decreased by 7.9% in the period ending 30 September 2024, to reach BD 12.2 million, compared to BD 13.2 million for the corresponding period of 2023.

Total shareholders’ equity (excluding equity attributable to minority) maintained its level as of 30 September 2024, to reach BD 161 million, compared to BD 161.1 million in the fiscal year ending on 31 December 2023. The total assets as of 30 September 2024 witnessed a decrease of 0.7% to reach BD 177.7 million, compared to BD 179 million in the fiscal year ending 31 December 2023.

Commenting on these results, the Chairman of the Company’s Board of Directors, Mr. Essa Mohamed Najibi, said: “Despite a reduction in revenue this quarter due to increased market competition, Seef Properties maintains its robust approach to operational efficiency and strategic cost management. We reaffirm our commitment to driving growth and enhancing our asset base through high-value projects, such as Fraser Suites Al Liwan, a significant introduction to our hospitality portfolio.”

Seef Properties Chief Executive Officer, Mr. Ahmed Yusuf said: “We continue to achieve high occupancy rates across our properties, maintain a diverse tenant mix, and introduce new brands to Bahrain. The company remains committed to enhancing visitors’ experience across its malls, as evident in the high footfall and strong interest in its projects, such as Al Liwan, which is attracting visitors from within Bahrain and abroad, and new initiatives like Mahali that support local entrepreneurs. In addition, our partnership with leading sustainable energy partner Yellow Door Energy highlights our commitment to sustainability.”

Note: The full set of financial statements and press release are available on Bahrain Bourse’s website: bahrainbourse.com

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Media contact:
Mohammed Isa
Perceptions PR & Digital
Email: mohammed@perceptions.me

About Seef Properties:

Seef Properties B.S.C. was established in the year 1999 and its operations are headquartered in the Kingdom of Bahrain, becoming a leader in the retail, hospitality, entertainment and real estate development sectors on the level of the Kingdom. A public shared company listed on Bahrain Bourse since 2007, Seef Properties manages a large portfolio of assets, promoting its position as a distinguished commercial brand.  The vision of Seef Properties is centered to its constant strives to become a leading real estate company in innovation and diversity, driven by the implementation of the highest standards and values to achieve its goal in excellence, and the satisfaction of shareholders, partners and clients.  The Company’s message is centered to the development, acquisition and management of a real estate investment portfolio that serves the retail, entertainment and hospitality sectors.