Seef Properties posts $29.2m net profit in 2018
Feb 13, 2019 7:54 PM
Seef Properties a leading real estate company in Bahrain has recorded a net profit of BD11.12 million ( 29.2 million) for 2018 compared to BD11.06 the previous year mainly due to its continued focus on...
Seef Properties, a leading real estate company in Bahrain, has recorded a net profit of BD11.12 million ($29.2 million) for 2018 compared to BD11.06 the previous year mainly due to its continued focus on partnerships and joint ventures and its diversification strategy.
Announcing the results for the year ended 31 December 2018 at a meeting held today (February 13), Chairman Essa Mohamed Najibi said the company reported a gross revenue of BD18.86 million in 2018 compared to BD19.19 million in 2017, an equivalent decrease of 1.70 per cent.
Its Q4 2018 consolidated net profit was BD3.79 million compared to BD3.13 million for the same period last year, thus registering an increase of 21.1 per cent, it stated.
Impressed with the results, the board of directors have agreed to recommend to the General Assembly cash dividends of 15 per cent, an equivalent of BD6.9 million in the amount of BD0.015 per share.
Najibi reiterated Seef Properties’ commitment to further solidify its position in the market through its mixed-use development projects despite volatile market conditions, also affirming the company’s aim to develop and diversify its real estate portfolio while maintaining its profitability by focusing on other sectors that contribute significantly to the national economy.
The Bahraini real estate firm had achieved operating profits in the amount of BD14.85 million in 2018 as compared to BD15.16 in 2017, a decrease of 2.07 per cent.
The company’s Q4 2018 operating profit amounted to BD3.82 million in 2018 compared to BD3.70 million for the same period last year, an increase of 3.35 per cent.
On the upcoming projects, Najibi expressed his satisfaction with the progress of the Liwan project, which uniquely combines residential, leisure and retail elements that will attract visitors from both the kingdom and neighboring countries.
Work is progressing at a steady pace and is likley to be completed in the fourth quarter of 2019, thereby contributing to the development of the national tourism infrastructure.
The masterplan for the upcoming waterfront project located between the bridges in Muharraq, also aims to further strengthen the kingdom’s position as an attractive tourist destination in the region, which will be conductive to the growth of both the real estate sector and the national economy as a whole.
CEO Ahmed Yusuf said: "In 2018, our efforts were directed towards maintaining the company's leading position in the kingdom’s real estate sector. We invested in partnerships and joint ventures and continue to focus our strategy on diversification and growth with the company’s total assets growing at a rate of 1.58 per cent."
"Seef Properties has also increased its operational efficiency in its commercial facilities, which had a positive impact on the Company's annual results," he noted.
“We have focused our efforts on maintaining Seef Mall’s position as the leading family destination in the Bahrain by offering an unparalleled experience and exceeding visitor expectations. We strive to constantly improve our level of services and enhance our facilities at our Malls in Seef District, Muharraq and Isa Town, with the overall aim of revitalizing the retail sector by attracting well-recognized brands across various categories, on a local and international level,” he added.
Yusuf pointed out that developing the company's entertainment facilities through the establishment of Seef Entertainment has become a priority and as such it had recently added new games and attractions to Magic Island at Seef Mall - Seef District.
"In addition, Seef continues to invest in value-adding social initiatives that work towards the betterment of the local community," said the top official.
"In addition to collaborating with organizations from the public and private sectors throughout the year and hosting various activities at its Malls, Seef Properties makes donations on an annual basis to several local charities as part of its commitment to Corporate Social Responsibility," he added.-TradeArabia News Service