Seef Properties B.S.C. (Bahrain Bourse Trading Code: SEEF) announced its financial results for the third quarter ended 30 September 2022. The Company reported a net profit and comprehensive income attributable to the parent of BD 2.18 million during the third quarter of 2022, compared to BD 1.24 million for the same quarter of last year, with an increase of 75.62%. The increase is attributable to the increase in revenue in both the hospitality and the entertainment segments due to return to near-normal operational levels induced by relaxation of travel and other pandemic restrictions, in addition to the opening of “Yabeela”, the new family entertainment centre in Al Liwan operated by the Company’s entertainment arm.
Diluted earnings per share attributable to the parent for the third quarter of 2022 amounted to 4.74 fils, compared to 2.70 fils for the same quarter of the previous year. The Company’s operating profit stood at BD 3.08 million during the third quarter of 2022, compared to BD 2.03 million for the same quarter of last year, with an increase of 51.67%. Revenues increased in the third quarter of 2022 by 55.77% to reach BD 4.13 million, compared to BD 2.65 million for the corresponding quarter of last year.
The Company reported a net profit and comprehensive income attributable to the parent of BD 5.20 million for the period ended 30 September 2022, compared to BD 3.54 million for the same period of last year, with an increase of 46.85%. The increase is attributable to the reasons cited above.
Diluted earnings per share attributable to the parent for the period ended 30 September 2022 amounted to 11.31 fils, compared to 7.70 fils for the same period of the previous year. The Company’s operating profit stood at BD 9.27 million during the period ended 30 September 2022, compared to BD 7.35 million for the same period of last year, with an increase of 26.19%. Revenues increased in the period ended 30 September 2022 by 31.08% to reach BD 11.67 million, compared to BD 8.91 million for the corresponding period of last year.
The Company’s total equity (after excluding the equity attributable to minority) for the period ended 30 September 2022 increased by 1.58% to reach BD 157.33 million, compared to BD 154.88 million for the financial year ended 31 December 2021. The total assets for the period ended 30 September 2022 increased by 1.27% to reach BD 182.16 million, compared to BD 179.87 million for the financial year ended 31 December 2021.
Commenting on the occasion, Mr. Essa Mohamed Najibi, Chairman of the Company’s Board of Directors, stated: “We are delighted to announce positive financial results for the third quarter of 2022, which are in line with the Company’s strong financial and operational performance during the first nine (9) months of this year. These results are a continued testament to the Company’s flexible business model and the diversification of its investment portfolio and activities in the shopping, entertainment and hospitality sectors, placing it firmly on the right path towards achieving its strategic objectives of sustainable growth and prosperity, and further bolstering its income diversification to better serve the interests of its shareholders and partners in success.”
He further added, “The Company continues to make progress towards achieving the expectations and aspirations of its shareholders and customers alike vie accomplishing exceptional financial and operational results and maintaining a healthy and sustainable growth in profitability, revenues and liquidity. The Company will continue to deliver everything that is new and unique in the world of shopping, shopping centre management, hospitality and entertainment in a manner consistent with the needs of shoppers, with the ultimate aim of further consolidating the Company’s leading position and positively impacting its financial statements and operations.”
On his part, the Company’s Chief Executive Officer, Mr. Ahmed Yusuf, said, “The Company is steadily fortifying its leading position in the hospitality, retail and mall management sectors. With the improvement of its operational performance in the first nine (9) months of this year, the Company is proud to attract more prestigious brands in all shopping centres within its portfolio.”
Expanding further, Mr. Yusuf explained, “The Company is better prepared than ever to record stronger financial results due to the diversity of its portfolio, its leadership in the shopping centre management sector and its accumulated expertise in the fields of retail, entertainment and hospitality, which serve to reinforce the position of Seef Malls as exceptional shopping centres in the Kingdom. The Company is confidently moving towards achieving better results in the last quarter of the year relying primarily on innovative management of its projects to attract larger numbers of visitors and new partnership opportunities.”
Mr. Yusuf further confirmed that the accelerated rate of economic recovery currently witnessed by the Kingdom of Bahrain is contributing to the promotion of economic growth and further widening the opportunities for commercial and tourism sector recovery, which is apparent in the improvement of the hospitality and entertainment sector performance as they record higher occupancy rates commensurate with the increase in visitors from outside the Kingdom of Bahrain, particularly from the Kingdom of Saudi Arabia and the Gulf Cooperation Council.