Seef Properties has reported a 27 per cent rise in net profit at BD4.35 million ($11.5 million) for the first six months when compared with BD3.43 million ($9 million) recorded during the same period last year.

A statement by the owner and operator of Seef Mall said the growth was mainly due to a series of strategic investments made earlier, which have now come on-stream and are gaining momentum, said a report in the Gulf Daily News (GDN), our sister publication.

The results were approved by the company’s board of directors at a meeting yesterday (July 13).

Seef Properties chairman Essa Najibi said the company has taken proactive steps to diversify its sources of income and strengthen various businesses.

“Foremost is the recently launched Seef Mall Muharraq, which leveraged the strength of the Seef Mall brand, extending it into Muharraq.

“Our investment in renovating Magic Island for a new generation is also attracting more families to Seef Mall. We expect the results of these investments to continue, both financially and in terms of our offerings to the public,” said Najibi.

The company said its operating profit grew 10.6 per cent to BD6.35 million for the first six months when compared with BD5.74 million for the same period last year.

Seef Properties managing director Ahmed Yusuf said the company is studying several other projects which could bring more leisure and shopping attractions to the kingdom.

He said the implementation of the company’s vision was having the desired impact, adding to the bottom line, helping to strengthen the kingdom’s shopping and leisure infrastructure, and contributing to job creation. - TradeArabia News Service