Seef Properties posts $5.9m H1 profit
Manama, August 3, 2011
Seef Properties (Seef), a leading real estate firm in Bahrain, has reported a profit of BD2.25 million ($5.96 million) in net profit for the first half of 2011 as against BD3.28 million for the same period of last year.
Year-on-year gross rental income grew by 2 per cent to reach BD 4.07 million not taking into account the rent waiver which the company offered to tenants as part of a BD1 million aid package in light of the unrest earlier this year.
The new Magic Island outlet in Ramli Mall, a subsidiary of Seef Properties, has been performing well since opening on May 31, and is forecast to achieve its target for the year, according to a company statement.
Another subsidiary, Fraser Suites, the luxury serviced apartment provider, reported a sharp increase in occupancy rates over the past few months.
“Remaining profitable despite the disruptions caused by the recent unrest is a clear indicator of the soundness of our strategy and health of our financial position,” said Shaikh Abdulla bin Khalifa Al Khalifa, chairman of Seef Properties.
“By investing in reinvigorating shopping activity, tenant retention, and enhancement of our existing assets, we have managed to keep the negative effects of that difficult period to a minimum. And we believe this bodes well for us as we look forward to more robust results in the second half of the year,” he added.
Robert Addison, general manager of Seef Properties, added: “Despite impacting short-term earnings, we believe proactive measures such as the relief package put us on sustainable footing over the long term by demonstrating our steadfast commitment to fostering long-lasting business partnerships with our tenants.”
Addison further confirmed that more large-scale promotions and new outlets are planned for roll-out this year and will be announced in due course. – TradeArabia News Service