Seef reports BD11.19m profit

TDT | Manama

Seef Properties (SEEF) reported a fourth-quarter net profit attributable to the parent of BD 3.86 million, compared to BD 3.77m in the prior-year quarter, with an increase of 2.34 per cent. Seef attributed the increase to cost reduction and savings, coupled with management of expenses as well as lower provisions. Diluted earnings per share amounted to 8.39 fils compared to 8.20 fils for the same period the previous year. Total comprehensive income for the quarter increased by 2.34pc to BD 3.86m helped by increases in the share of profits from investments in the associate and joint venture companies. Operating profit stood at BD 3.65m, compared to BD 3.82m in the year-ago quarter, with a decrease of 4.69pc.

Full-year results

Meanwhile, Seef Properties has reported a net profit attributable to the parent of BD 10.93m, in comparison with BD 10.91m a year ago, achieving an increase of 0.11pc. The increase is attributed to a growth in operating profit of 1.86pc compared to last year. Diluted earnings per share amounted to 23.75 fils for the year ended 31 December 2019, compared to 23.73 fils for the same period of the previous year. Total comprehensive income increased by 0.67pc to BHD 11.19m helped by new cost-saving initiatives which affected efficiency and controlled expenses. Operating profit increased 1.86pc to BD 15.13m from BD 14.85m in the year-ago period.

Total equity attributable to the shareholders (after excluding the equity attributable to minority) for the period ended 31 December 2019, has increased by 2.46pc reaching BD 154.54m, compared to BD 150.83m for the same period of the previous year. Total assets for the period ended 31 December 2019, have increased by 3.54pc reaching BD 174.32m, compared to BD 168.37m in the previous year.

Dividend

Based on the financial results, the Board of Directors will recommend to the General Assembly cash dividends of 15pc, an equivalent of BD 6.9m, the allocation of BD 0.170m for donations, in addition to transferring an amount of BD 1.1m to the general reserve account. Commenting on the results, Seef Properties CEO Ahmed Yusuf said the commercial malls operating under the Company’s umbrella are maintaining the same annual pace with regards to attracting visitors and shoppers, confirming that the Company is enhancing shoppers and visitors’ experience with the introduction of unique promotional campaigns, to achieve a quantum leap in clients’ experience. On the hospitality sector, Yusuf said: “Fraser Suites Seef Bahrain has maintained good annual occupancy rates, despite the competition in the market. The technical services in the hotel have been upgraded last year, and we are currently working on a comprehensive upgrade for the facilities with the aim of providing the best services to the clients.”