Manama, Kingdom of Bahrain: Seef Properties B.S.C. (Bahrain Bourse Trading Code: SEEF) announced its financial results for the second quarter ended 30th June 2024 and six months period ended 30th June 2024. The Company reported a net profit and comprehensive income attributable to the parent of BD 1.7 million during the second quarter of 2024, compared to BD 1.8 million for the same period of the previous year, a decrease of 4.1%. The change is attributable to the reallocation of a number of units as part of the mall’s future development plans.

Diluted earnings per share attributable to the parent for the second quarter of 2024 amounted to 3.74 Fils, compared to 3.90 Fils for the same period the previous year. The Company’s operating profits stood at BD 3.2 million for the second quarter of 2024, compared to BD 3.4 million for the same period in the previous year, a decrease of 7.1%.

The Company reported a net profit and comprehensive income attributable to the parent of BD 3.1 million for the six-month period ended 30th June 2024, compared to BD 3.4 million for the same period last year, a decrease of 7.1%. The decrease is attributable to the same reason stated above.

Basic and diluted earnings per share attributable to the parent for the six months period ended 30th June 2024 amounted to 6.78 fils, compared to 7.30 fils for the same period of the previous year. The Company reported a decrease in operating profit for the period ended 30th June 2024 by 8.5%, reaching BD 6.5 million, compared to 7.1 million for the same period of the previous year. Revenues for the period ended 30th June 2024 decreased by 5.7%, reaching 8.3 million, in comparison with the BD 8.8 million reported in the same period last year.

The Company’s total equity (excluding the equity attributable to minority) for the second quarter of 2024 decreased by 0.6%, reaching BD 160.1, compared to BD 161.1 million for the same period in the previous year. Total assets for the second quarter decreased by 0.8%, reaching BD 177.5 million, compared to BD 179 million for the same period in the previous year.

Commenting on these results, Seef Properties Chairman, Mr. Essa Mohamed Najibi stated, “Despite the challenges posed by the current market conditions, with an oversupply of shopping malls, and more on the horizon, our financial results remain strong. We are actively working to mitigate these circumstances by diversifying into the Saudi Arabian market and other sectors, including hospitality and entertainment. In line with the objectives of Bahrain Economic Vision 2030, these initiatives ensure that every step we take contributes to the Kingdom’s sustainable development. We are grateful for the continuous support of His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.”

He added: “Moving forward, we plan to further diversify our portfolio and forge new partnerships to strengthen Bahrain’s position as a prime market for both local and international investors. We remain committed to driving sustainable economic growth and being a key contributor to the Kingdom’s overall development.”

Seef Properties Chief Executive Officer, Mr. Ahmed Yusuf said, “Seef Properties adopts a diversification strategy that ensures revenue streams are generated through a range of sources, including the hospitality and entertainment sectors, which are two of our growth areas. Our focus on developing mixed-use projects was enhanced in recent months with the launch of Fraser Suites at Al Liwan, adding to that development’s attractions and to the Kingdom’s luxury lifestyle offerings as a whole. At the same time, we also attracted several internationally-recognized brand names to our properties, in line with our commitment to offering world class destinations and supporting tourism in the Kingdom.”

He added: “Seef Properties manages a vast portfolio of assets that helped establish it as a leader in real estate, and is continuously evolving to meet the changing demands of the market. We are currently revamping commercial centers in our portfolio to ensure offering unique shopping and entertainment destinations and maintain our position at the forefront of Bahrain's real estate sector. In addition, we are keen to introduce initiatives that empower local businesses. For example, our new Mahali marketplace, which has the support of Export Bahrain, is a major boon to the Kingdom’s SMEs sector and aims to further strengthen Bahrain’s entrepreneurial ecosystem and accommodate the needs of a new generation of investors.”

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

Media contact:
Mohammed Isa
Perceptions PR & Digital
Tel: +973 36620086
Email: mohammed@perceptions.me

About Seef Properties:

Seef Properties B.S.C. was established in the year 1999 as a public shared company listed on Bahrain Bourse 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.  Today, 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.