Seef Properties 2012 income surges 21pc
Manama, February 28, 2013
Bahrain-based Seef Properties has reported a jump in its annual operating income to BD11.9 million from BD9.8 million in 2011, an increase of BD2.1 million representing 21.4 per cent rise.
The company's assets also grew from BD119.2 million in 2011 to BD123.9 million last year. The total equity has increased to BD117.98 million compared to BD113.16 million in 2011, according to a report in our sister publication, the Gulf Daily News.
The lacklustre investment market has been reflected by only a marginal increase in the value of the company's portfolio with the result that the year-on-year net profit is down marginally at BD8.3 million compared to BD8.6 million in 2011.
Consequently earnings per share are also marginally reduced at 17.98 fils as compared to 18.69 fils last year.
The board is recommending a cash distribution of 9pc.
"The increase in operational profitability is particularly pleasing as it reinforces the belief in our strategy and reflects positively on the continued recovery of the economy of Bahrain," said chairman Shaikh Abdulla bin Khalifa Al Khalifa.
"Our confidence has been further demonstrated by our investment in our new project in Muharraq which we are sure will enhance our profitability and act as a platform for further growth," he added.
"We have worked very hard at improving the income and attractiveness of our assets both for tenants and customers," said general manager Robert Addison.
The financial results for the year were based on the overall performance of Seef Properties which owns and manages Seef Mall, Isa Town Mall, Fraser Suites in addition to a total of 800 retail units across 45 locations in the kingdom. – TradeArabia News Service