Seef Properties Q1 net profit hits $3.7 million
Manama, May 12, 2011
Seef Properties has posted a significant profit of BD1.38 million ($3.66 million) for the first quarter of the year and said it was focusing on attracting shoppers back to its malls.
Total assets also showed an increase, reaching BD116 million compared to BD114 million at the year-end.
Earnings per share fell slightly to three fils compared to 3.7 fils for the comparative period last year.
'The board is in agreement that Seef Properties remain in a healthy financial position, taking into account the recent situation within Bahrain,' said chairman Shaikh Abdulla bin Khalifa Al Khalifa.
'During recent weeks since stability was restored, we have been heavily focusing on driving shoppers back to our retail properties and enhancing our existing assets, which has allowed us to record a healthy profit and register growth in key areas.
'I am pleased to note that Fraser Suites remains profitable, despite lower occupancy levels which in turn affected first-quarter growth compared to last year.
'We anticipate an increase in tourism during the remainder of the year, particularly with the lifting of the State of National Safety on June 1,' he added.
Seef Properties recently unveiled a BD2.5 million refurbishment plan for its landmark property, Seef Mall, which commenced in January and is on track to be completed in December.
'The refurbishment of Seef Mall, together with a series of consumer-focused promotions and initiatives we have planned for this year, are in keeping with our philosophy of being the most family-friendly mall in Bahrain,' said Seef Properties general manager Robert Addison.
'We are already seeing a steady increase in footfall in recent weeks with increasing traffic from across King Fahad Causeway,' Addison added.
'The board is committed to this project, and refurbishment work is being completed ahead of schedule.
'The future of Seef Properties and Seef Mall in particular looks very promising and I am also pleased with the great line-up of outlets we have set to open in May and June, which will appeal to shoppers of all ages and backgrounds,' he added.
Other initiatives aimed at increasing footfall and enhancing the total customer experience at Seef Mall have also been underway, including the introduction of the Seef Express train services in March which ferry parents and children around the mall free.
Alongside this, the Seef Summer Surprises promotion was launched in April and will continue until mid-July.
It offers shoppers an exciting and fun-filled experience with chances to win attractive prizes.
Seef Properties also recently announced a BD1 million relief package for tenants at Seef Mall in light of recent events which have negatively impacted shopping activity across all shopping centres in the kingdom.-TradeArabia News Service