Seef Properties, a leading integrated real estate company in Bahrain, has posted a net profit of BD11.06 million ($29.2 million) for 2017, compared to BD11.04 million the previous year thanks to its strategy focusing on real estate diversification.

Announcing the results during a board meeting held yesterday (February 20), Seef Properties said its gross revenue surged to BD17.78 million for the year ended on December 31, 2017 from BD15.38 million the year before, registering a 15.6 per cent increase.

The company's gross revenue for the fourth quarter stood at BD4.27 million compared to BD4.38 million in 2016.

For the full year 2017, Seef Properties posted operating profits of BD15.16 million compared to BD13.9 million the year before, resulting in an increase of 9.1 per cent.

For the fourth quarter, the company's operating profit stood at BD3.7 million compared to BD3.83 million in 2016. Seef Properties basic earnings per share by year ended 2017 23.33 Fils comparing to 23.82 Fils by year ended 2016.

Impressed with the results, the board of directors has agreed to recommend to the General Assembly cash dividends of 15 per cent, equivalent to BD6.9 million at BD0.015 per share.

Over the same period, total assets witnessed tremendous growth of 1.9 per cent, reaching BD165.75 million for the year ending on 31st December 2017 when compared to BD162.60 million posted in 2016.

Meanwhile, total equity of Seef Properties increased by 3.1 per cent from BD140.27 million as of 31 December 2016 compared to BD144.56 million at the end of 2017.

Consolidated net profit reached BD11.06 million for the year ending on 31st December 2017 compared to BD11.04 million in 2016 and reported Q4 2017 consolidated net profit reached BD3.13 million compared to BD3.19 million posted in 2016.

On the solid performance, Chairman Essa Najibi: "These results reflect the success of our strategy which focuses on maximising profits and adding significant value to both our investors and customers. Seef Properties will continue to pursue a strategy that focuses on real estate diversification."

"Our aim is to increase our contribution to Bahrain’s real estate sector and support the national economy by establishing unique, mixed-use developments, fulfilling the needs of the market and adding value to the local community," stated Najibi.

“We will continue to expand our investment portfolio through value-adding investments and we look forward to upholding our sustained financial growth record which we have successfully maintained over the last years with minimal spending levels,” he added.

CEO Ahmed Yusuf said in 2017 the company had achieved significant milestones that were in line with its efforts to drive business growth.

"Equally we have been able to maintain and expand our asset portfolio which currently holds multiple mixed-use projects that combine a cohesive mix of hospitality, retail and entertainment elements. Our focus is to strengthen our position as a leading integrated real estate developer committed to adding unique projects of international standards to Bahrain," remarked Yusuf.

“We also strive to maintain our position as the leading family destination in the Kingdom of Bahrain by housing the best destination offerings in our shopping malls. In addition, we want to further develop our leisure facilities as well as provide better services to our visitors,” he added.-TradeArabia News Service