News Column

Seef Properties registers net profit of $9.1 million

July 23, 2014

MANAMA: Seef Properties has reported a 3.40 per cent increase in net profit at BD3.42 million ($9.06m) for the first half of the year when compared with BD3.31m for the same period last year.

The gross rental income for the year to-date was BD4.62m, a 7.5pc increase when compared with BD4.30m recorded as of end June 2013.

Operating profits increased 3.76pc to BD5.74m from BD5.53m in the first half of last year.

Fraser Suites recorded a 13.13pc jump in revenue to BD1.19m for the first half when compared with BD1.05m for the same period last year.

The gross rental income for the April to June quarter increased by 6.7pc to BD2.32m from BD2.17m in the corresponding period last year.

Gross operating profit increased by a marginal 1pc for the April to June quarter to BD2.42m when compared with BD2.40m for the same quarter last year.

Net profit for the quarter increased by 1.8pc to BD1.86m from BD1.82m earlier, which also increased the earnings per share value to 4.05 fils from 3.98 fils for the second quarter last year.

The companys shareholders equity stands at BD122.6m with earnings per share valued at 7.45 fils as compared to 7.20 fils last year.

The increase in second quarter profits is particularly pleasing, bearing in mind that our principal leisure facility, Magic Island, has been undergoing refurbishment since the end of February, chairman Essa Mohamed Najibi said.

The new Magic Island will contribute significantly to our net profit when it opens next month.

The increase in income from our retail and hospitality businesses has more than offset the temporary closure and is a testament to the ever increasing popularity of our malls and Fraser Suites, said Mr Najibi.

Seef Properties general manager Robert Addison said results for the first half reflect positively on the implementation of the companys business strategy and a general improvement in the economy.

We have a number of exciting projects underway that will further add to the turnover and profitability of the company, he added.

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Source: Gulf Daily News (Bahrain)

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