Seef Properties posts $8.75m in Q2 profits
Manama, August 11, 2010
Seef Properties, a leading estate company in Bahrain, has posted a net profit of BD3.3 million for the second quarter of the year.
It also announced a 0.16 per cent rise in gross income to BD6.1 million for the six months ended June 30, compared to the same quarter in 2009.
Earnings per share stood at 7.1 fils compared to 8.7 fils for Q2 2009, while the total assets showed a marginal decrease of 0.29 per cent at BD1.08 million.
“It is heartening to note the growth in gross income, marginal though it may be, considering the current state of real estate market as a result of the global downturn,” said Shaikh Abdulla bin Khalifa Al Khalifa, chairman, Seef Properties.
“The process of correction is still under way, and it is affecting the company’s earnings through the fair-value adjustments on the company's property investments. However, we are confident about the future and look forward to delivering a successful 2010, with enhanced shareholder value and continued building up of our franchise,” he added.
Seef Properties also announced that Fawaz Matar will be appointed as an advisor to its board from his current role.
The board also announced the appointment of Robert Addison as the company’s general manager. – TradeArabia News Service