Seef Properties' net profit surges 19pc
Manama, November 16, 2011
Bahrain-based Seef Properties has announced a 19 per cent increase in net profits to BD1.57 million ($4.2 million) for the third quarter of the year compared with BD1.32 million in the third quarter of 2010.
A net income of BD3.82 million was recorded for the first nine months of the year.
Excluding the financial relief package extended to tenants earlier this year, Seef Properties actually recorded BD1.72 million in net profits for the third quarter, a 30 per cent increase and BD4.39 million in net income for the first nine months of 2011.
Total assets increased to BD115.2 million from BD114 million at the year-end. Earnings per share increased to 3.42 fils from 2.89 fils for the same period in 2010.
'Despite the difficulties caused by the unrest earlier this year, we have succeeded in remaining profitable,' said Seef Properties chairman Shaikh Abdulla bin Khalifa Al Khalifa.
'Our results reflect the soundness of our business strategy and pragmatic approach which have enabled us to strengthen our financial position and ensure sustainable growth for our shareholders.'
Other subsidiaries of Seef Properties are also showing signs of returning to growth.
Earlier this month another branch of Magic Island opened its doors to the public in Isa Town Mall, building upon the success of the Ramli Mall branch.
Fraser Suites has also recorded very encouraging occupancy for the quarter.
'The strategy which we put in place earlier this year has been successful, and this is evident from the positive results we reported,' said Seef Properties general manager Robert Addison.
'I am confident we will continue building on our successful track record and place ourselves in an even stronger position in the coming months,' he added.
Other initiatives aimed at increasing footfall and enhancing the total customer experience at Seef Mall are also underway.
'Seef Mall's BD2.5 million refurbishment plan is also in its final stages and will be fully complete in time for the New Year as scheduled,' he said.-TradeArabia News Service