Seef Properties reports net profit of BD11.06 Million

22/02/2018 05:35 AST

Seef Properties, the leading integrated real estate company in the Kingdom of Bahrain, announced its financial results for the year ended on 31 December 2017 with a net profit totaling BD11.06 Million. The results were announced during a meeting held on 20 February 2018, headed by the Chairman Mr. Essa Najibi. The Board of Directors also agreed to recommend to the General Assembly cash dividends of 15%, equivalent to BD6.9 Million at BD0.015 per share.

Seef Properties reported a Gross Revenue of BD17.78 in 2017 compared to BD15.38 Million in 2016, citing a 15.6% increase. Q4 2017 Gross Revenue showed Company posting BD4.27 Million in 2017 compared to BD4.38 Million in 2016.

For the full year 2017, Seef Properties posted Operating Profits of BD15.16 Million compared to BD13.90 in 2016, resulting in an increase of 9.1%. Q4 2017 Operating Profit witnessed the Company reporting BD3.70 Million in 2017 compared to BD3.83 Million in 2016. Seef Properties basic earnings per share by year ended 2017 23.33 Fils comparing to 23.82 Fils by year ended 2016.

Over the same period, total assets witnessed tremendous growth of 1.9%, reaching BD165.75 Million for the year ending on 31st December 2017 when compared to BD162.60 Million posted in 2016. Meanwhile, total equity of Seef Properties increased by 3.1% from BD140.27 Million as of 31st December 2016 compared to BD144.56 Million at the end of 2017.

Consolidated Net Profit reached BD11.06 Million for the year ending on 31st December 2017 compared to BD11.04 in 2016and reported Q4 2017 Consolidated Net Profit reached BD3.13 Million compared to BD3.19 Million posted in 2016.

Commenting on the financial results, the Chairmain of Seef Properties, Mr. Essa Najibi said: "On behalf of myself and the Board of Directors, I would like to extend my sincere gratitude and appreciation to His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness Prince Khalifa bin Salman Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, Prince Salman bin Hamad Al Khalifa, the Government, the ministries, officials and institutions that have significantly contributed to the growth of Seef Properties."

"These results reflect the success of our strategy which focuses on maximizing profits and adding significant value to both our investors and customers. Seef Properties will continue to pursue a strategy that focuses on real estate diversification and our aim is to increase our contribution to the Kingdom of Bahrain's real estate sector and support the national economy by establishing unique, mixed-use developments, fulfilling the needs of the market and adding value to the local community", he added.

"We will continue to expand our investment portfolio through value-adding investments and we look forward to upholding our sustained financial growth record which we have successfully maintained over the last years with minimal spending levels," concluded Mr. Essa Najibi.

Further commenting on the company's 2017 achievements, the CEO of Seef Properties, Mr. Ahmed Yusuf stated: "In the past year, we have achieved significant milestones that are in line with our efforts to drive business growth. Equally we have been able to maintain and expand our asset portfolio which currently holds multiple mixed-use projects that combine a cohesive mix of hospitality, retail and entertainment elements. Our focus is to strengthen our position as a leading integrated real estate developer committed to adding unique projects of international standards to the Kingdom of Bahrain."

"We also strive to maintain our position as the leading family destination in the Kingdom of Bahrain by housing the best destination offerings in our shopping malls. In addition, we want to further develop our leisure facilities as well as provide better services to our visitors," added Mr. Ahmed Yusuf.

Seef Properties established it's headquarters at the Kingdom of Bahrain in 1999 and is a listed company on the Bahrain Bourse.

Biz Bahrain