Seef Properties posts BD1.4 m Q1 net profit

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

Seef Properties 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 m 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.

Earnings per share attributable to the parent amounted to 3.04 Fils, compared to 3.4 Fils for the same period the previous year. Operating profits stood at BD 3.3 million, compared to BD 3.7 m for the same period in the previous year, a decrease of 9.9%.

Total equity (after excluding the equity attributable to minority) decreased by 1.7%, reaching BD 158.3 m, compared to BD 161.1 m for the same period in the previous year. Total decreased by 1.8%, reaching BD 175.8 m compared to BD 179.0 m for the same period in the previous year.

Commenting on these results, Seef Properties Chairman, 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 andquality 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.”

Seef Properties Chief Executive Officer, Ahmed Yusuf said, “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.”