Seef Properties H1 net profit rises to $8.8m
Manama, July 18, 2013
Bahrain’s Seef Properties posted a 3.33 per cent increase in consolidated net profit at BD3.31 million ($8.78 million) for the first half of this year, compared with BD3.20 million for the same period last year.
The firm has seen a 1.39 per cent increase in gross rental income of BD4.30 million for the first half compared to BD4.24 million in the previous corresponding period, reported the Gulf Daily News, our sister publication.
Operating profits for the period increased 7.97 per cent to BD5.70 million from BD5.28 million earlier.
Revenue from Magic Island saw an 11 per cent increase to BD650,000 from BD580,000.
Fraser Suites recorded a 27.93 per cent jump in profits to BD1.05 million as compared to BD820,000 for the same period last year.
"The increase in second quarter profits reflects a steady and improving level of business activity," chairman Essa Mohamed Najibi said.
"We are confident about the future and look forward to delivering a successful 2013 through our continuing programme of asset improvements and new developments," he added.
The company's shareholders' equity stands at BD117.1 million with earnings per share of 7.20 fils as compared to 6.97 fils last year.
"Results for the first half of the year reflect our successful strategy," general manager Robert Addison said.
"We anticipate a continued improvement across all our revenue streams reflecting the improvement in local business and market conditions," he added. – TradeArabia News Service