Seef Properties reported a significant improvement in its net profits to BD 3.20 million for the first half of 2012 as compared to BD2.25million for the same period last year revealing an increase of 42.5%.
The financials were announced by the Chairman of Seef Properties, Shaikh Abdulla bin Khalifa Al Khalifa.
“The increase in second quarter profits reflects a return to improved levels of business activity. We have seen increased levels of business across all our business streams which include retail, hospitality and leisure sectors,” Shaikh Abdulla, said. The company said that last year profits were affected by the rent concession granted by the Board to tenants.
The gross rental income for the year to date reached at BD4.24 million, a 4.3% increase as compared to BD4.07 million that was recorded in June last year. The company’s shareholders equity increased by 5.7% from BD106.8 million in the second quarter of 2011 to BD112.9 million for the same period this year with the earnings per share valued at 6.97 fils as compared to 4.89fils in 2011.
“Our confidence in the future has been illustrated by our investment in our new project, the Muharraq Seef Mall and we look forward to delivering even more successful results by the end of 2012 with enhanced shareholder value and continued development of our business,” Shaikh Abdulla, added.
“Our strategy continues to deliver improving results with each quarter. With the implementation and successful execution of a number of projects throughout the year, we continue to witness improved performance and growth in all aspects and thus look forward to delivering positive results and ensure sustainable growth for our shareholders,” Robert Addison, General Manager, said.