Seef Properties Records BD 5.6 Million Net Profit Attributable To The Shareholders Of The Parent For Financial Year Ended 31 December 2024

Biz Bahrain

25-02-2025

Seef Properties B.S.C. (Bahrain Bourse Trading Code: SEEF) (the 'Company') announced its financial results for the fiscal year ended 31 December 2024, including the results of the last quarter of 2024. The Company reported a net profit and comprehensive income attributable to the parent of BD 1.41 million during the fourth quarter of 2024, compared to BD 1.59 million for the same period of the previous year, a decline of 11,09%. The change is linked to factors related to the company's implemented strategy for enhancing its financial and real estate assets. Diluted earnings per share attributable to the parent for the fourth quarter of 2024 amounted to 3.08 Fils, compared to 3.45 Fils for the same period the previous year. The Company's operating profits stood at BD 3.10 million for the fourth quarter of 2024, compared to BD 3.54 million for the same period in the previous year, a decrease of 12.39%. The Company recorded a net profit and comprehensive income attributable to the parent of BD 5.61 million for the financial year ended 31 December 2024, compared to BD 6.44 million for the same period last year, a decrease of 12.94%. Diluted earnings per share attributable to the parent amounted to 12.26 Fils for the year ended 31 December 2024, compared to 14 Fils for the same period of the previous year. Operating profits for the year ended 31 December 2024 reached BD 12.32 million, compared to BD 13.95 million for the same period of the previous year, a decrease of 11.70%. The Company's total equity (after excluding the equity attributable to minority) for the year ended 31 December 2024 increased by 0.48%, reaching BD 161.85 million, compared to BD 161.08 million for the same period in the previous year. Total assets for the year ended 31 December 2024 decreased slightly by 1.04%, reaching BD 177.14 million for the year ended 31 December 2024, compared to BD 178.99 million for last year. Based on the financial results, the Board of Directors is recommending to the General Assembly the distribution of cash dividends of 9% of share nominal value, equivalent to 9 Fils per share amounting to BD 4.09 million after deducting treasury shares, as well as the allocation of BD 170K towards the Company's corporate social responsibility program. Commenting on the results, Seef Properties Chairman, Mr. Essa Mohamed Najibi, said: 'We are pleased to announce our financial results for 2024, a year marked by significant achievements that reaffirm the strength of Seef Properties' operational strategy and the efficacy of its business model, despite market challenges. One of our most notable accomplishments was forming a strategic alliance to develop a mixed-use project in Dammam, our first regional expansion. This milestone strengthens the Company's position in the real estate sector and opens new opportunities for growth across the region. Our hospitality and entertainment projects also continued to perform well, with the launch of Fraser Suites Al Liwan, which quickly established itself as a premier hospitality destination in the Kingdom. We also expanded our presence in the retail sector, diversified our investment portfolio, and advanced our ongoing projects, reinforcing our position as one of the Kingdom's top-performing national companies.' He highlighted the Company's commitment to sustainable growth in line with national objectives, stating: 'Last year, Seef Properties launched one of the largest solar energy projects in Bahrain, a significant contribution towards enhancing energy efficiency, optimizing consumption, and reducing the Kingdom's carbon footprint. This initiative reflects our commitment to sustainability and renewable energy solutions, in line with Bahrain Economic Vision 2030 and the United Nations' Sustainable Development Goals. By investing in advanced technologies to improve operational efficiency and energy management, we are paving the way for a greener, more sustainable future for generations to come.' He added: 'I would like to thank the Government of Bahrain and the Ministry of Tourism for their ongoing support. We remain committed to supporting national initiatives that drive tourism growth in the Kingdom. I also extend my deepest appreciation to our shareholders, partners, and employees for their dedication and hard work, which continue to be the driving force behind our success.' Seef Properties CEO, Mr. Ahmed Yusuf said: 'In 2024, we continued implementing strategies to strengthen our market position and enhance our appeal to global brands. Our efforts helped attract new local and international retailers, enriching our tenant mix and increasing the competitiveness of our retail projects. We also remained focused on creating an integrated business environment that supports long-term growth by offering state-of-the-art facilities and services that meet the evolving demands of the market.'
He added: 'The entertainment and hospitality sectors played a key role in our strategy last year, enhancing the appeal of our projects and attracting a wider audience of visitors and tenants. We are committed to developing vibrant destinations that deliver exceptional experiences while keeping pace with industry trends. We continue to enhance our entertainment offerings by introducing innovative concepts that add value and reinforce our projects as dynamic lifestyle destinations integrating shopping, leisure, and modern living.'