Seef Properties B.S.C. (Bahrain Bourse Trading Code: SEEF) announced its financial results for the third quarter ended 30 September 2023. The Company reported a net profit and comprehensive income attributable to the parent amounting to BD 1.5 million, compared to BD 2.2 million for the same period last year. This represents a decrease of 31.4%, despite revenues and total operating income being higher compared to last year as a result of an increase in the provision for expected credit losses in the third quarter of 2023.
The basic and diluted earnings per share attributable to shareholders of the parent company in the third quarter of 2023 reached 3.25 fils, compared to 4.74 fils for the same period last year. The Company’s operating profits amounted to BD 3.3 million during the third quarter of 2023, compared to BD 3.0 million in the same period last year, an increase of 8.0%. Revenues increased by 6.8% in the third quarter of 2023, reaching BD 4.4 million, compared to BD 4.1 million during the third quarter of 2022.
The company recorded a net profit and comprehensive income attributable to the parent of BD 4.9 million during the nine-month period ending 30 September 2023, compared to BD 5.2 million during the same period last year, a decrease of 6.7% due to the reasons stated above.
Basic and diluted earnings per share attributable to the parent for the period ended 30 September 2023 amounted 10.55 fils, compared to 11.31 fils for the same period last year. The Company’s operating profit stood at BD 10.4 million during the nine-month period, compared to BD 9.2 million for the same period last year, an increase of 13.1%. Revenues increased by 13.3% in the period ending 30 September 2023, to reach BD 13.2 million, compared to BD 11.7 million for the corresponding period of 2022.
Total shareholders’ equity (excluding equity attributable to minority) recorded an increase of 0.7% as at the end of the third quarter of 2023, to reach BD 159 million, compared to BD 158 million in the fiscal year ending on 31 December 2022. The total assets for the period ended 30 September 2023 witnessed a decrease of 1.0% to reach BD 178 million, compared to BD 179 million in the fiscal year ending 31 December 2022.
Commenting on these results, the Chairman of the Company’s Board of Directors, Mr. Essa Mohamed Najibi, said: “We are pleased to announce that Seef Properties is steadfastly advancing in its growth trajectory, continuing to enhance its operational performance and growing its portfolio. Our efforts to expand our real estate portfolio underscore our unwavering commitment to delivering exceptional value to all our shareholders. These diversified investment activities, with a special focus on the entertainment sector, position the company for sustainable revenue generation and continued liquidity growth.”
Placing the Company’s performance in the wider context the government’s efforts to bolster the tourism and commercial sectors, he added, “Seef Properties’ recent revenue growth, largely due to its entertainment sector activities, is intricately linked with Bahrain’s economic resurgence, reflecting a collective commitment to revitalizing the nation. As Bahrain continues to attract investments and visitors, Seef Properties is aligned with a broader vision for the Kingdom’s growth by providing world-class real estate, retail, and entertainment offerings that elevate its overall appeal as a thriving destination for business and leisure.”
Seef Properties Chief Executive Officer, Mr. Ahmed Yusuf said, “The increase in revenues and total operating income during the third quarter of this year can be attributed to higher occupancy rates and a resurgence in business activity during the summer season. In particular, the months of July and August saw a significant influx of visitors from the Kingdom of Saudi Arabia. This underscores the adaptability, diversity, and remarkable appeal of our offerings, which successfully draw visitors from both domestic and international markets.”
Mr. Yusuf emphasized Seef Properties’ mission to create multifaceted environments that cater to different demographics. This approach positions the Company’s malls as premier destinations for shopping, entertainment, and upscale lifestyle experiences.
He also underscored the Company’s efforts to enrich the retail sector in the Kingdom of Bahrain: “Seef Properties is collaborating with new brands, introducing a wave of exciting food, beverage, and fashion options to our malls. Our commitment to diversifying the shopping experience ensures that the people of Bahrain have access to exciting brands they have never encountered before.”
