Seef, previously known as Seef Properties, has reported a 27 per cent surge in net profit at BD1.99 million ($5.28 million) for the first three months of this year when compared with BD1.563 million in the same period last year.

Seef chairman Essa Najibi has announced the company's consolidated financial accounts for the first quarter ended March 31 which showed an operating profit of BD3.25 million for the first three months of the year compared with BD2.94 million for the same period last year representing an increase of 10.6 per cent, said a report in the Gulf Daily News (GDN), our sister publication.

Revenue for the period was up to BD3.42 million as against BD3.09 million for the same period last year primarily driven by increase in revenue from Magic Island and Fraser Suites.

"This excellent performance reflects continued growth in the business and we are now starting to see the benefits of the development of Seef Mall Muharraq and the renovation of Magic Island," Najibi said.

"Seef is firmly committed to a growth path and we will continue to explore new opportunities and generate increased revenue and profits."

Gross Rental Income for the year to date increased by 1.6 per cent.

Fraser Suites continued its strong performance recording an increase of 5.4 per cent in revenue compared to last year's figures.

Seef Properties general manager Robert Addison said the results of the investment programme have contributed significantly to the bottom-line.

"We expect to see further growth during the year as other projects come on line and we boost our management team to drive growth," he said. - TradeArabia News Service