Seef Properties, a leading real estate company in Bahrain, recorded a net profit of BD2.53 million ($6.6 million) for the second quarter, compared to BD 2.41 million ($6.3 million) for the same period last year - an increase of 4.73 per cent.

Announcing the results for Q2, chairman Essa Mohamed Najibi said the company reported operating profits of BD3.90 million ($10.2 million), compared to BD3.56 million ($9.3 million) for the same period last year, an increase of 9.50 per cent.

Revenues for the second quarter decreased by 0.96 per cent to BD4.56 million ($12 million) compared to BD4.60 million ($12.1 million) for the same period last year.

Additionally, earnings per share for the second quarter amounted to 5.50 Fils, compared to 5.25 Fils in the same period of last year.

With regards to the interim financial results for the period ended June 30, net profit attributable to the parent amounted to BD4.72 million ($12.4 million), compared to BD4.57 million ($12 million) reported for the same period last year - an increase of 3.29 per cent.

The company also achieved operating profits of BD7.79 million ($20.5 million), compared to BD7.31 million ($19.2 million) for the same period last year, up 6.60 per cent.
Revenues for the period ended June 30 decreased by 0.72 per cent to BD9.17 million ($24.1 million) compared to BD 9.23 million ($24.3 million) for the same period last year. Additionally, earnings per share for the period amounted to 10.26 Fils, compared to 9.94 Fils in the same period of last year.

Equity attributable to equity holders of the parent (excluding minority interests) as at June 30 was reported at BD148.34 million ($390.8 million), compared to BD150.83 million ($397.3 million) last year, being equivalent to a decrease of 1.65 per cent. Total assets as at June 30 reached BD168.97 million ($445.1 million) compared to BD 168.37 million ($443.5 million) last year, up 0.36 per cent.

“Our continued success, is directly linked to our ability to develop projects that cater to market needs. Despite the challenges in the local market, we still believe in the existence of a multitude of opportunities for growth and development in the future. We remain committed to continually achieving our goals of providing the latest premium services and distinguishing ourselves by investing in assets with a long terms yield, thereby creating added value for our shareholders," said Essa Najibi, the chairman of the company.

Further commenting on the financial results, the company’s chief executive officer, Ahmed Yusuf, elaborated: “We are keen to establish an exceptional model for real estate developers in Bahrain, as confirmed by the financial indicators of the company which demonstrate continuous growth. We strive to further enhance our real estate portfolio by developing more hospitality and leisure related projects as part of our strategy, to continue our mission and improve our financial results on an annual basis." - TradeArabia News Service