Seef Properties, the leading integrated real estate development company in Bahrain, has registered a net profit attributable to the shareholders of the parent of BD2.57 million ($6.78 million) for the third quarter, down 2.5 per cent over BD2.64 million ($6.97 million) for the same period last year.

Announcing the results for the nine-month period, Seef Properties said the net profit attributable to the shareholders of the parent amounted to BD7.14 million compared to BD7.63 million for the same period last year, thus posting a slight decrease of 6.3 per cent.

The operating profit amounted to BD11.02 million compared to BD 11.46 million in the same period last year, a decrease of 3.8 per cent. As for the operating income, the current period witnessed a decrease of BD0.37 million, from BD13.51 million to BD 13.14 million, an equivalent rate of 2.7 per cent over the same period last year.

In addition, the earnings per share amounted to 15.53 fils compared to 16.58 fils for the same period last year.
Moreover, the total shareholders’ equity amounted to BD147.05 million given the exclusion of minority shares for the current period, compared to BD144.56 million for the same period last year, said the company in its statement.

Total assets were reported at BD165.33 million compared to BD165.74 million for the same period last year, it added.  

The decline in net profit can be attributed to a slight decrease in revenues and an increase in operating costs.

Seef Properties reported operating income of BD4.53 million compared to BD4.63 million, marking a slight decline of 2.1 per cent compared to the same period last year.

The company’s operating profits is BD3.72 million compared to BD3.79 million for the same period last year, while the share value for the third quarter of 2018 was 5.59 fils compared to 5.74 fils for the same period last year.  

On the Q3 results, Chairman Essa Najibi said: "Seef Properties continues to implement a diversified strategy which focuses on the development of prominent real estate projects. In light of this, we are currently focusing on two new projects, Liwan and the new mixed-use development project located between the two Manama bridges in the Kingdom, which will significantly contribute to the growth of the Kingdom’s real estate sector and the overall national economy."

CEO Ahmed Yusuf said: "Seef Properties continuously aims to increase the inflow of visitors by offering world-class experiences across our malls that are owned by Seef Properties and are located in Seef District, Muharraq and Isa Town."

"We have witnessed an increase following the launch of the largest and longest-running promotional campaign in the kingdom last June, and are very pleased to witness the continued participation of our valued customers and visitors," he noted.

"Seef Mall continues to host a series of events and campaigns throughout the year in order to strengthen the retail sector and further position Seef Mall as the preferred destination for shopping and entertainment in the Kingdom," he added.-TradeArabia News Service