Seef Properties B.S.C. (Bahrain Bourse Trading Code: SEEF) announced its financial results for the second quarter ended 30 June 2023 and six months period ended 30 June 2023. The Company reported a net profit and comprehensive income attributable to the parent of BD 1.80 million during the second quarter of 2023, compared to BD 1.57 million for the same quarter of last year, with an increase of 14.65%. The increase is mainly attributable to the positive performance of the entertainment sector, with the opening of “Yabeela” and “Hawa”, in addition to the steady improvement of the Company’s performance in the hospitality sector.
Basic and diluted earnings per share attributable to the parent for the second quarter of 2023 amounted to 3.90 fils, compared to 3.40 fils for the same quarter of the previous year. The Company’s operating profit stood at BD 3.45 million during the second quarter of 2023, compared to BD 3.03 million for the same quarter of last year, with an increase of 14.04%.
The Company reported a net profit and comprehensive income attributable to the parent of BD 3.36 million for the six month period ended 30 June 2023, compared to BD 3.02 million for the same period of last year, with an increase of 11.19%. The increase is attributable to the abovementioned reasons.
Basic and diluted earnings per share attributable to the parent for the six months period ended 30 June 2023 amounted to 7.30 fils, compared to 6.56 fils for the same period of the previous year. The Company reported an increase in operating profit for the period ended 30 June 2023 by 15.56%, reaching BD 7.16 million, compared to 6.19 million for the same period of the previous year. Revenues for the period ended 30 June 2023 increased by 16.85%, reaching 8.82 million, in comparison with BD 7.55 million reported in the same period of last year.
Total equity attributable to the parent (after excluding the equity attributable to minority) for the second quarter of 30 June 2023 decreased by 0.20% to BD 158 million, compared to BD 158.32 million for the financial year ended 31 December 2022. The total assets for the period ended 30 June 2023 decreased by 1.57% to reach BD 176.54 million, compared to BD 179.35 million during the financial year ended 31 December 2022.
On this occasion, Mr. Essa Najibi, Chairman of the Board of Directors, stated: “Seef Properties is making remarkable strides towards achieving heightened success in its business model, with a focus on solidifying its prestigious position as a leader in the real estate development, mall management, entertainment and hospitality sectors. Notably, Seef Properties has exhibited outstanding financial and operational performance throughout the current year, accompanied by a promising upward trend in investment returns. These notable accomplishments are directly attributed to the implementation of the Company’s comprehensive and integrated strategy, which has effectively positioned Seef Properties at the forefront of the real estate development entities in the Kingdom.”
He added: “Seef Properties continues to strategically leverage the robust opportunities within the national economy, particularly in the non-oil sectors, such as real estate and tourism, which hold immense promise in the Kingdom. This exceptional advantage empowers the company to expand its investment portfolio and diversify its asset base, while maintaining a steadfast commitment to fostering healthy and sustainable relationships with its partners in success, including shareholders, clients and business partners. With an unwavering vision for growth, the company is resolutely focused on expanding its thriving business sectors, encompassing entertainment, hospitality and mall management, driven by their soaring demand. We pledge to our valued partners that we will launch innovative projects aimed at enhancing the company’s financial stability and surpassing the aspirations of our customers in every facet of our operation.”
Seef Properties is set for a significant boost in its performance in the hospitality sector following the signing of an agreement with “Fraser Hospitality Pte Ltd” to manage and operate the upcoming Fraser Suites in Al Liwan. The property, which is expected to officially launch by the end of 2023, will feature 63 hotel apartments spread across three floors outfitted with the latest designs and modern facilities to meet the growing demand for hotel apartments and ensuring the unparalleled hotel experience in the Northern Governorate, particularly for visitors from the Kingdom of Saudi Arabia and other GCC countries.
On his part, Mr. Ahmed Yusuf, the Chief Executive Officer, stated: “We are pleased to announce positive financial and operational results in the second quarter of 2023, highlighting the Company’s dedicated endeavours to optimise financial returns and improve operational performance across all business segments. Our malls experienced consistent growth in shopper and visitor footfall, supported by the addition of prestigious fashion and hospitality brands. Additionally, our valued customers can look forward to the launch of several highly regarded brands in the Kingdom through Seef Mall – Seef District, Seef Mall – Muharraq and Seef Mall – Isa Town in the second half of this year.”
The Chief Executive Officer added: “In the second quarter of this year, we celebrated the one-year anniversary of ‘Yabeela’ Entertainment Centre, which is the largest entertainment centre in the Kingdom of Bahrain. Throughout its inaugural year of operation, it has attracted a remarkable number of visitors, particularly during the first half of this year. Additionally, the newly introduced ‘Hawa’ Entertainment Centre, which launched in January at Souq Al Baraha in Diyar Al Muharraq, continues to garner high demand among both children and families. Looking ahead, the Company is remains dedicated to investing in the flourishing entertainment sector which holds immense promise in the Bahraini market. Similarly, the hospitality sector has witnessed notable advancement, with Fraser Suites – Seef experiencing substantial growth in occupancy rates, fuelled by the recovery of the tourism sector during the first half of this year.”
Additionally, Al Liwan mixed-use project in Hamala has consistently maintained outstanding occupancy rates, and we are excited to announce the introduction of upscale brands in the upcoming months. This strategic move will further solidify Al Liwan’s position as a prominent tourist and entertainment destination in the Northern Governorate. Furthermore, the launch of Al Liwan Cinema offers a contemporary cinematic experience designed to cater to all members of the family members, thanks to its cutting-edge technology and modern facilities.”
