Seef Properties reports BD1.2m Q1 profit
Seef Properties yesterday reported a first quarter net profit and comprehensive income attributable to the parent of BD 1.2 million, compared to BD 1.4 m for the same period of the previous year, a decrease of 12.5%.
The change is attributable to increased market competition and economic fluctuations. Diluted earnings per share attributable to the parent for the first quarter of 2025 amounted to 2.7 Fils, compared to 3.0 Fils for the same period the previous year.
Operating profits stood at BD 2.9 m, compared to BD 3.3 m for the same period in the previous year, a decrease of 11.9%.
Total equity (after excluding the equity attributable to minority) for the first quarter of 2025 decreased by 1.8%, reaching BD 159.0 m, compared to BD 161.8 m for the same period in the previous year.
Total assets for the first quarter increased by 0.4%, reaching BD 177.8 m compared to BD 177.1 m for the same period in the previous year. Commenting on these results, Seef Properties Chairman, Mr. Essa Mohamed Najibi stated, 'This quarter's performance reflects our commitment to financial sustainability and quality growth, particularly in the hospitality and retail sectors. Despite lower revenues this period, some of our destinations have continued to perform well even in the face of growing market challenges and increased competition. The investments we have made and our strategic partnerships are beginning to yield tangible results, building on past achievements.'
He added: 'Seef Properties remains committed to delivering high-quality projects that are in line with the objectives of the Bahrain Economic Vision 2030, many of which have been achieved thanks to the support of His Majesty King Hamad bin Isa Al Khalifa and the guidance of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. We aim to play an active role in the Kingdom's economic development by creating integrated, market-driven projects that address local needs and attract investor interest. We are also pursuing new, high-impact opportunities that support Bahrain's competitiveness and reinforce its position as a regional commercial hub.'
Seef Properties Chief Executive Officer, Mr. Ahmed Yusuf said, 'The first quarter of this year brought encouraging operational developments that directly enhanced both the quality of our services and the visitor experience across our destinations. Al Liwan, in particular, saw occupancy rates rise to 90%, driven by its diverse retail mix, strategic location, and the added value of Fraser Suites, which helped attract a new segment of visitors and tourists. We remain focused on enhancing our commercial properties by bringing in unique brands, diversifying our retail offerings, and advancing our renovation and expansion plans.'
He added, 'As part of our sustainability efforts, the solar energy project we recently launched in partnership with Yellow Door Energy is progressing on schedule. Work is currently underway at all our destinations, and the project is expected to significantly reduce carbon emissions.'
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