Seef Properties, a leading integrated real estate company in Bahrain, has posted a net profit of BD2.25 million ($5.93 million) for the first quarter compared to BD2.45 million ($6.45 million) during the same period last year.

Announcing the results for the first three months, Seef said it has registered a BD4.3 million operating income compared to BD4.39 million, marking a slight decline of 2.2 per cent.

The company achieved operating profits of BD3.75 million compared to BD3.89 million during the same period last year.

On the results, Chairman Essa Najibi said: "Seef Properties continues to work towards achieving its financial targets despite the slight decrease in its financial results for the first quarter."

“We continuously strive to strengthen Seef Properties’ financial standing with the development of real estate projects and we aim to diversify our investment portfolio by focusing on other sectors such as leisure and residential.  We will also continue to invest in mixed-use projects that meet the needs of the market and benefit the local community,” he stated.

Najibi said the year had seen Seef Properties announce a number of strategic initiatives including the launch of Lama Real Estate in 2017 to develop “Liwan”, a mixed-use project located in Hamala, which began its construction in March and is expected to be completed in the first quarter of 2020.

Seef Properties also established Bahrain Building Company, which is responsible for developing an upcoming unique mixed-use project between the two bridges in Manama.

CEO Ahmed Yusuf clarified that despite the increase in the number of serviced apartments in 2018, the company has managed to maintain a steady level of income.

"As for the entertainment sector, the company's efforts resulted in an increase in profits during the first quarter of 2018 compared to last year. In addition, Seef Mall, owned by Seef Properties, has witnessed an increase in the number of visitors compared to the first quarter of 2017," he noted.

The results achieved are a reflection of the company's efforts to attract the best brands as well as improve the quality of services provided, he added.-TradeArabia News Service