Seef properties reports 7.47% increase in net profit attributable to the parent with a value of bd 1.56 million in the first quarter of 2023

Seef Properties B.S.C. (Bahrain Bourse Trading Code: SEEF) announced its financial results for the first quarter ended 31 March 2023.  The Company reported a net profit and comprehensive income attributable to the parent of BD 1.56 million during the first quarter of 2023, compared to BD 1.45 million for the same quarter of last year, with an increase of 7.47%. The increase is attributable to the positive performance of the entertainment sector with the opening of two new projects, “Yabeela” and “Hawa”, as well as the upward performance of the Company’s hospitality sector due to the easing of government restrictions related to combating the pandemic.

Diluted earnings per share attributable to the parent for the first quarter of 2023 amounted to 3.40 fils, compared to 3.16 fils for the same quarter of the previous year. The Company’s operating profit stood at BD 3.70 million during the first quarter of 2023, compared to BD 3.17 million for the same quarter of last year, with an increase of 17.01%.

The Company’s total equity (after excluding the equity attributable to minority) for the first quarter of 2023 decreased by 1.34% to reach BD 156.20 million, compared to BD 158.32 million as on 31st December 2022.  The total assets for the period ended 31 March 2023 increased by 0.49% to reach BD 180.23 million, compared to BD 179.35 million as on 31st December 2022.

On this occasion, Mr. Essa Mohamed Najibi, Seef Properties Chairman, stated: “Seef Properties continues to build on the achieved gains to sustain balanced financial and operational performance. This was accomplished at the outset of 2023 by recording remarkable financial results, advancing the Company’s success in recording the highest levels of efficiency in its business model. We also continue our endeavours to consolidate our position in the local market, by leading the real estate development, management of commercial centres, entertainment and hospitality sectors. Seef Properties reiterates its commitment to its valued shareholders, customers and partners in diversifying its projects portfolio and providing innovation in the Bahraini market to meet their aspirations and needs at all times.”

Mr. Najibi added: “Amidst the positive economic momentum witnessed by the Kingdom’s non-oil sectors, and the recovery of its tourism and commercial movement, Seef Properties is set to continue recording positive financial and operational performance during the current year, with a focus on expanding in the entertainment and hospitality sectors, and management of commercial centres, in order to gain a larger segment of clients and meet our strategic goals to be at the forefront of real estate development companies in the Kingdom. We aspire to move to broader horizons of growth and prosperity by considering a number of investment opportunities and continuing to invest in national cadres who are the launchpad to move forward towards further development and innovation.”

Moreover, Mr. Najibi confirmed that Al Liwan will witness the opening of Fraser Suites, which comprises of 63 hotel apartments that are equipped with the latest designs and state-of-the-art facilities, to meet the growing demand for hotel apartments and provide an exceptional hotel experience in the Northern Governorate, especially to the Kingdom’s visitors; citizens and residents of the Kingdom of Saudi Arabia and other GCC countries.

On his part, Mr. Ahmed Yusuf, Chief Executive Officer of Seef Properties, said: “We are pleased with the positive financial and operational results achieved in the first quarter of 2023, which demonstrates the Company’s success in adopting an integrated strategy of diversifying investments and revenues, and the expansion of our client base.  The commercial centres under Seef Properties’ umbrella continued to record remarkable growth in occupancy rates while attracting new brands, some of which are entering the Kingdom for the first time. Meanwhile, Seef Mall – Seef District also continues to attract new tenants and shoppers alike, owing to its modern facilities and strategic location in the heart of Seef District, while it will soon host additional new brands.”

Furthermore, Mr. Yusuf stated: “Seef Properties continues to lead the entertainment sector with a diversified portfolio of entertainment projects under the management of its subsidiary; Seef Entertainment. Yabeela, the largest entertainment centre in the Kingdom, is attracting thousands of families from Bahrain, GCC countries and abroad throughout the year. Additionally, the opening of Hawa Entertainment Centre last January in Souq Al Baraha in Diyar Al Muharraq was also met with a significant turnout, while the Company plans to further expand in the promising entertainment sector. Fraser Suites – Seef District also recorded additional improvement in occupancy rates, simultaneously with the recovery of tourism and the increasing number of tourists coming to the Kingdom, especially from the neighbouring GCC countries.”

Expanding further on the latest development of the Al Liwan mixed-use development, Mr. Yusuf added:  “Al Liwan continues to show strong occupancy rates, with several prestigious brands announcing their opening in the project, bringing the current occupancy rate to 80%. The opening of additional leading brands specialised in the hospitality sector will soon be announced, subsequently enhancing Al Liwan’s position as a promising tourist and entertainment destination in the Kingdom and the Northern Governorate, as it offers a unique diversity of entertainment and hospitality products within unmatched modern facilities. Moreover, Al Liwan Cinema opened last April which boasts seven theatres and a total capacity of more than 1,000 seats. The screens provide a unique experience incorporating the latest technologies in the field of cinema entertainment.”