Bahrain’s Seef Properties has reported a 20 per cent increase in the first quarter net profits at BD1.66 million ($4.4 million), compared to BD1.38 million for the same period last year.

Shaikh Abdulla bin Khalifa Al Khalifa, chairman of Seef Properties, said: “We have had a very encouraging start to 2012 in registering a remarkable revenue growth. This is largely attributed to a strong performance from the leisure sector backed by consistent performance from the retail and hospitality sector of the company’s businesses.

“Seef Properties’ success in the first quarter of 2012 was due to a sound, well managed and diversified investment approach accompanied with the implementation of successful marketing and promotional campaigns,” he said.

The company's shareholders equity increased 7 per cent from BD105.9 million in the first quarter of 2011 to BD111.3 million for the same period this year with the earnings per share valued at 3.6 fils as compared to 3 fils in 2011.

“I am confident that this growth trend will continue to accelerate as the year progresses and will assist in building on our successful track records; placing ourselves in an even stronger position in the months to come,” said Shaikh Abdullah.

 “The restoration of economic stability in the kingdom of Bahrain has assisted a great deal in elevating foot traffic in all our retail properties and this has given us a jump start to a positive and healthy profit growth,” said Robert Addison, general manager of Seef Properties.

Addison said a number of large-scale promotions and new outlets are planned for roll-out this year and will be announced in due course.  – TradeArabia News Service