Seef Properties registers $9.1m net profit
Manama, July 24, 2014
Seef Properties has reported a 3.4 per cent increase in net profit at BD3.42 million ($9.06 million) for the first half of the year when compared with BD3.31 million for the same period last year.
The gross rental income for the year to-date was BD4.62 million, a 7.5 per cent increase when compared with BD4.30 million recorded as of end June 2013, said a report in the Gulf Daily News (GDN), our sister publication.
Operating profits increased 3.76 per cent to BD5.74 million from BD5.53 million in the first half of last year.
Fraser Suites recorded a 13.13 per cent jump in revenue to BD1.19 million for the first half when compared with BD1.05 million for the same period last year.
The gross rental income for the April to June quarter increased by 6.7 per cent to BD2.32 million from BD2.17 million in the corresponding period last year.
Gross operating profit increased by a marginal one per cent for the April to June quarter to BD2.42 million when compared with BD2.40 million for the same quarter last year.
Net profit for the quarter increased by 1.8 per cent to BD1.86 million from BD1.82 million earlier, which also increased the earnings per share value to 4.05 fils from 3.98 fils for the second quarter last year.
The company's shareholders equity stands at BD122.6 million with earnings per share valued at 7.45 fils as compared to 7.20 fils last year.
"The increase in second quarter profits is particularly pleasing, bearing in mind that our principal leisure facility, Magic Island, has been undergoing refurbishment since the end of February," chairman Essa Mohamed Najibi said.
"The new Magic Island will contribute significantly to our net profit when it opens next month.
"The increase in income from our retail and hospitality businesses has more than offset the temporary closure and is a testament to the ever increasing popularity of our malls and Fraser Suites," said Mr Najibi.
Seef Properties general manager Robert Addison said results for the first half reflect positively on the implementation of the company's business strategy and a general improvement in the economy.
"We have a number of exciting projects underway that will further add to the turnover and profitability of the company," he added. - TradeArabia News Service