MANAMA: Seef Properties reported a net profit and comprehensive income attributable to the parent of BD1.45 million during the first quarter of 2022, compared to BD 1.26 million for the same quarter of last year, with an increase of 15.19 per cent.
The increase is attributable to increase in revenues due to retail, entertainment and hospitality segments witnessing a significant relaxation of pandemic related government restrictions leading to a gradual return to near-normal operational level across these sectors when compared to the same period last year.
Diluted earnings per share attributable to the parent for the first quarter of 2022 amounted to 3.16 fils, compared to 2.74 fils for the same quarter of the previous year.
The company’s operating profit stood at BD3.17m during the first quarter of 2022, compared to BD2.65m for the same quarter of last year, with an increase of 19.52pc.
Revenues increased in the first quarter of 2022 by 18.88pc to BD3.66m, compared to BD3.07m for the corresponding quarter of last year, mainly due to the reasons cited above.
The company’s total equity (after excluding the equity attributable to minority) for the first quarter of 2022 decreased by 0.84pc to BD153.58m, compared to BD154.88m for 2021.
The total assets for the period ended March 31, 2022 increased by 0.77pc to BD181.26m, compared to BD179.87m for end-2021.
Commenting, the company’s chairman Essa Najibi said: “We are delighted to announce positive financial results for the first quarter of 2022.
The results reflect the company’s constant endeavours to maintain the momentum of activities in real estate development, mall management, hospitality and entertainment, in addition to the success of efforts to diversify income sources and maximise returns from the business model for greater financial stability, via the implementation of an integrated strategy that is based on the gains achieved throughout the company’s journey of excellence, which extends to more than 25 years.”
Mr Najibi added: “The company continues to target new development projects in the kingdom and is keen to increase its revenues for the benefit of shareholders. We are also looking to seize unique opportunities to increase revenues and serve the aspirations of our partners.
We are optimistic of a faster economic recovery this year, with increased confidence in the local market due to the ambitious economic recovery plan, which will have a positive impact on our main business operations and leave a tangible impact on project development and strengthen our financial performance this year.
We will continue to expand the company’s assets via diversifying its investment portfolio and establishing additional partnerships aimed at building a strong commercial base to serve the interests of shareholders and customers.”
On his part, the company’s chief executive Ahmed Yusuf said: “By virtue of the directives of the board of directors and the diversity of our investment portfolio, the company has been able to overcome the challenges of the pandemic and consolidate its operational foundations, thereby preserving the achieved gains and preparing the appropriate fundamentals for launching wider horizons of growth and prosperity.
The first quarter of this year witnessed a further recovery in the occupancy rates of our malls, supported by innovative administrative procedures and operational initiatives to maintain the gains we have achieved and move steadily towards further growth.”
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