Seef Properties net profit surges 21pc
Manama, February 19, 2014
Bahrain-based Seef Properties has registered a 21 per cent increase in its net profits for 2013 which rose to BD10.02 million ($26.57 million) compared to BD8.27 million the previous year, said a report.
Impressed with the results, Seef Properties has announced a cash dividend of 10 per cent, reported the Gulf Daily News, our sister publication.
Seef Properties chairman Essa Najibi announced the company's net profit for the fourth quarter of last year was BD4.97 million, compared to BD2.30 million in 2012.
The group reported an operating profit of BD11.15 million for last year, compared to BD11.56 million for the same period of the previous year, although this figure included exceptional gain of BD1.08 million from the sale of a plot of land in July 2012.
On a year-on-year basis the company's operating profit for last year increased by 6.4 per cent to BD11.15 million from BD10.48 million for 2012.
The operating profit for fourth quarter of 2013 was BD2.84 million, compared to BD2.77 million for the same period in 2012.
Revenue for last year was up at BD12.19 million as against BD11.64 million for the same period in 2012. Revenue for the fourth quarter increased from BD3.03 million in 2012 to BD3.08 million last year.
The gross rental income for the year to date marginally increased by three per cent from 2012. Fraser Suites reported a strong performance with 16.2 per cent increase in revenue last year as compared to 2012. Revenue from Magic Island was BD1.32 million.
Total assets of the group increased from BD123.91 million in 2012 to BD130.19 million last year with earnings per share valued at 21.79fils as compared to 17.98fils in 2012.
At a meeting, the board of directors recommended to distribute cash dividend of 10 per cent to shareholders for last year, subject to approval at the annual general meeting. "We are pleased to report a further increase in operating profits again," said Najibi.
"It is a good reflection on the way we run our businesses and a general improvement in the economy. However our work has just begun and we are intent on further improving the revenue and profitability of Seef Properties through our new initiatives," he remarked.
Seef Properties general manager Robert Addison said the overall results reflect the hard work at improving income through asset enhancements and marketing initiatives.
"It is very satisfying to report the results showing growth of revenue and profitability across all segments of the group," he added.-TradeArabia News Service