Seef Properties B.S.C. announced its financial results for the first quarter ended 31st March 2024. The Company reported a net profit and comprehensive income attributable to the parent of BD 1.4 million during the first quarter of 2024, compared to BD 1.6 million for the same period of the previous year, a decrease of 10.6%. The change is attributable to grace periods given to new tenants as the company’s occupancy rates continue to rise, with this rental revenue expected to be realized in future quarters. Diluted earnings per share attributable to the parent for the first quarter of 2024 amounted to 3.04 Fils, compared to 3.4 Fils for the same period the previous year. The Company’s operating profits stood at BD 3.3 million for the first quarter of 2024, compared to BD 3.7 million for the same period in the previous year, a decrease of 9.9%.
The Company’s total equity (after excluding the equity attributable to minority) for the first quarter of 2024 decreased by 1.7%, reaching BD 158.3 million, compared to BD 161.1 million for the same period in the previous year. Total assets for the first quarter decreased by 1.8%, reaching BD 175.8 million compared to BD 179.0 million for the same period in the previous year.
Commenting on these results, Seef Properties Chairman, Mr. Essa Mohamed Najibi stated, “We are pleased to announce positive financial results, despite temporary quarterly declines, during the quarter and further growth in both the value and quality of our portfolio, which is reflective of the efficacy of our strategy of identifying high quality opportunities. In line with this, we were tapped to play a critical role in expanding Bahraini-Chinese trade relations through Panda City, a joint shopping destination with Panda Industrial Management (Shenzhen) Co. Ltd which has the endorsement of Bahrain’s government. We are proud of the confidence that the government has placed in us in helping to fulfil this important national objective.”
He added: “Seef Properties remains committed to quality projects that are in line with the objectives of the Bahrain Economic Vision 2030, many of which have been achieved due to the support of His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. We will continue to focus on strengthening the Kingdom’s economic position in the region through our plans of attracting international brands looking to expand their footprints, many of which are entering the Kingdom for the first time. We are confident that the company’s momentum will contribute to Bahrain’s vibrant real estate sector and reinforces its status as a prime market for local and international investors.”
Seef Properties Chief Executive Officer, Mr. Ahmed Yusuf said, “Attracting new tenants has resulted in higher footfall throughout our properties, with Al Liwan doing particularly well. As our best-performing asset, it has experienced a major surge in visitor numbers thanks to its strategic location and the presence of Fraser Suites, which has established itself as an attractive property for family tourism and was a major factor in increasing Seef Properties’ revenue streams in the recent period. Al Liwan is a significant addition to the Kingdom’s tourism and hospitality offerings, with occupancy rates reaching 87%. Our plans going forward are to continue diversifying our portfolio and forming strategic partnerships with various stakeholders, offering our local know how and resources to help drive sustainable economic growth in the Kingdom.”
He added, “To further differentiate our properties and support Bahrain’s entrepreneurial landscape, we have introduced Mahali, a strategic initiative to help SMEs thrive by offering them waived rental fees and reduced commission rates. Through our collaboration with Export Bahrain, we have also dedicated spaces from Mahali to several of their customers, who will benefit from Seef Mall’s prime location and high footfall. By supporting SMEs, we aim to nurture Bahrain’s vibrant entrepreneurial ecosystem and accelerate its growth.”
