Seef Properties Reports Steady Increase in Net Profits at BD 5.20 Million for the 9 Months of 2014

Chairman of Seef Properties, Mr. Essa Najibi announced the company’s consolidated financial accounts for the third quarter ending 30th September 2014 which showed an operating profit of BD 8.53 for the 9 months of the year compared to BD 8.27 million for the same period last year The operating profit for third quarter (3 months) of 2014 was BD 2.78 million as compared to BD 2.73 million for the same period in 2013.

Revenue for 9 months ending September 2014 was up at BD 9.15 million as against BD 9.10 million for the same period in 2013 primarily driven by increase in revenue from Rental income & Fraser Suites. Revenue for the third quarter (3 months) increased from BD 3.09 million in 2013 to BD 3.13 million in 2014.The net profit for 9 months of September 2014 was BD 5.20 million as compared to BD 5.05 million in 2013 and the net profit for the third quarter (3 months) was BD 1.77 million in 2014 as compared to BD 1.74 million in 2013.Mr. Najibi said ‘The performance reflects continues growth in the business and expressed that the increase in revenue, operating profit & net profit has been achieved despite temporary closure of Magic Island in Seef Mall for 6 months’. He added that since the re-opening on 1st September the performance had been exceptional and this would be fully reflected in the Q4 figures.
Gross Rental Income for the year to date increased by 5.9% from the 2013. Fraser Suites continued its strong performance showing an increase of 17.4% in revenue for the nine months of 2014 against 2013 figures.

Robert Addison General Manager of Seef Properties said that ‘The investment in Magic Island Seef Mall is being fully justified by excellent results during September 2014 and expressed confidence that with continued growth from other segments as well, the future for Seef Properties remains very bright.