Seef Properties B.S.C. (“Company”) (Bahrain Bourse Trading Code: SEEF) announced its financial results for the first quarter ended 31 March 2022. The Company reported a net profit and comprehensive income attributable to the parent of BD 1.45 million during the first quarter of 2022, compared to BD 1.26 million for the same quarter of last year, with an increase of 15.19%. The increase is attributable to increase in revenues due to retail, entertainment and hospitality segments witnessing a significant relaxation of pandemic related government restrictions leading to a gradual return to near-normal operational level across these sectors when compared to the same period last year.
Diluted earnings per share attributable to the parent for the first quarter of 2022 amounted to 3.16 fils, compared to 2.74 fils for the same quarter of the previous year. The Company’s operating profit stood at BD 3.17 million during the first quarter of 2022, compared to BD 2.65 million for the same quarter of last year, with an increase of 19.52%. Revenues increased in the first quarter of 2022 by 18.88% to reach BD 3.66 million, compared to BD 3.07 million for the corresponding quarter of last year, mainly due to the reasons cited above.
The Company’s total equity (after excluding the equity attributable to minority) for the first quarter of 2022 decreased by 0.84% to reach BD 153.58 million, compared to BD 154.88 million for the financial year ended 31 December 2021. The total assets for the period ended 31 March 2022 increased by 0.77% to reach BD 181.26 million, compared to BD 179.87 million for the financial year ended 31 December 2021.
On this occasion, Mr. Essa Mohamed Najibi, the Company’s Chairman, stated: “We are delighted to announce the Company’s positive financial results for the first quarter of 2022. The financial results reflect the Company’s constant endeavors to maintain the momentum of its activities in the real estate development, mall management, hospitality and entertainment sectors, in addition to the success of its tireless efforts to diversify its income sources and maximise returns from its business model for greater financial stability, via the implementation of an integrated strategy that is based on the gains achieved throughout the Company’s journey of excellence, which extends to more than 25 years.”
Mr. Najibi added: “The Company continues to target new development projects in governorates of the Kingdom and is keen to increase its revenues for the benefit of the Company’s shareholders. We are also looking to seize unique opportunities to increase revenues and serve the aspirations of our partners. We are optimistic of a faster economic recovery this year, with increased confidence in the local market due to the ambitious economic recovery plan, which will have a positive impact on our main business operations and leave a tangible impact on project development and strengthen our financial performance this year. We will continue to expand the Company’s assets via diversifying its investment portfolio and establishing additional partnerships aimed at building a strong commercial base to serve the interests of shareholders and customers.”
On his part, the Company’s Chief Executive Officer, Mr. Ahmed Yusuf said: “By virtue of the directives of the Board of Directors and the diversity of our investment portfolio, the Company has been able to overcome the challenges of the pandemic and consolidate its operational foundations, thereby preserving the achieved gains and preparing the appropriate fundamentals for launching wider horizons of growth and prosperity. The first quarter of this year witnessed a further recovery in the occupancy rates of our malls, supported by innovative administrative procedures and operational initiatives to maintain the gains we have achieved and move steadily towards further growth.”
He added: “The Company has recorded positive operational levels in its hotel apartments, family entertainment and hospitality centres in the first quarter of this year, which contributed to the increase of the Company’s revenues. The three (3) Seef Malls, Seef Mall – Seef District, Seef Mall – Muharraq and Seef Mall – Isa Town, continue to attract more distinguished brand names with announcements of new brands opening branches being made throughout the current year, which further serves to prove the Company’s innovative and attractive business model. Additionally, the Company continues to introduce promotional offers, large shopping campaigns and valuable prizes to increase the footfall and the number of shoppers and visitors to the three (3) malls.”
Elaborating on the latest developments of the mixed-use Al Liwan project in Hamala area, Mr. Ahmed Yusuf confirmed that the current occupancy rate is 78% as the project continues to attract distinguished brands regionally. Mr. Yusuf further added that this year witnesses the expansion in the operations of Seef Entertainment, the Company’s entertainment arm which is responsible for its projects in the aforementioned sector, with the recent opening of “Yabeela”, the largest entertainment centre in Bahrain in Al Liwan, further cementing the Company’s leadership of the Kingdom’s entertainment, shopping and mall management sectors and serving to positively enhance the Company’s future financial and operational performance.
Note: The press release is available on Bahrain Bourse website on www.bahrainbourse.com