Seef Properties report BD 1.26 Million net profit for the 1st quarter of 2021

Seef Properties report BD 1.26 Million net profit for the 1st quarter of 2021

Seef Properties B.S.C. (Bahrain Bourse Trading Code: SEEF) announced its financial results for 1. The Company reported a net profit and comprehensive income attributable to the parent of BD 1.26 million during the first quarter of 2021, compared to BD 1.81 million for the same quarter of last year, with a decrease of 30.21%. The decrease is attributable to the continuing repercussions of the outbreak of the COVID-19 pandemic on the entertainment, hospitality and retail sectors, in addition to the pandemic’s adverse impact on cinema theaters and children’s entertainment centres, which remain closed for over a year. Diluted earnings per share attributable to the parent for the first quarter of 2021 amounted to 2.74 fils, compared to 3.93 fils for the same quarter of the previous year. The Company’s operating profit stood at BD 2.65 million during the first quarter of 2021, compared to BD 3.43 million for the same quarter of last year, with a decrease of 22.89%. Revenues decreased in the first quarter of 2021 by 23.30% to reach BD 3.08 million, compared to BD 4.01 million for the corresponding quarter of last year, mainly due to the outbreak of the COVID-19 pandemic, which continues to affect the