Seef Properties, a leading developer based in Bahrain, said its net income for the fourth quarter jumped 33 per cent to BD 9.37 million ($24.8 million) compared to BD7.05 million in 2009.

Seef, which manages over 800 commercial retail units across Bahrain, said its total assets for the period ended December 31, 2010 grew marginally, reaching BD114.08 million, up 5 per cent compared to BD108.9 last year.

Earnings per share also increased to 20 fils compared to 15 fils for the same period in 2009, the company said in a statement.

Commenting on the results, Seef Properties chairman Shaikh Abdulla bin Khalifa Al Khalifa said, '2010 was a year of significant change. We witnessed the gradual remission of the effects of the economic downturn and a relative return to normalcy in market conditions.'

'Such outstanding growth during the final quarter despite adverse market conditions is indicative of the sound strategy we have in place, and our stakeholders can be assured that our capable management team will continue to seek new opportunities that will further bolster our competitive standing going forward,' Shaikh Abdulla remarked.

According to him, the company had recently unveiled a BD2.5 million refurbishment plan of its landmark property, Seef Mall.

The project, which commenced in January and is due for completion in December, is being led by Robert Addison, general manager of Seef Properties who was appointed last September, said Shaikh Abdulla.

“The refurbishment plan is a major component of a string of major initiatives aimed at enhancing the total customer experience across our entire property portfolio. These will help us remain sustainable and continue our successful growth track record in the face of an increasingly competitive market,” Addison said.

Seef Properties, whose principal shareholders are the Social Insurance Organisation and the Royal Charity Organisation, plans to hold its AGM in late March, and will feature the unveiling of the inaugural issue of the company’s annual report, said the statement.

The company owns and manages Seef Mall, Isa Town Mall, Fraser Suites Seef as well as other commercial and entertainment facilities such as Magic Island.

Charity plays a significant role in its activities, with BD100,000, for the past three years, earmarked from its annual profits for charitable purposes and to support non-profit, philanthropic organizations in the Kingdom,. it added.-TradeArabia News Service