Bahrain: Seef Properties records 7.47% jump in Q1 net profit

Bahrain: Seef Properties records 7.47% jump in Q1 net profit

Bahrain - Seef Properties, an integrated real estate development company in Bahrain, has reported a net profit and comprehensive income attributable to the parent of BD1.56 million ($4.1 million) during the first quarter of 2023, up 7.47% when compared to BD1.45 million ($3.8 million) last year.

Announcing its results for the first three months ended March 31, 2023, Seef Properties said this increase was attributable to the positive performance of the entertainment sector with the opening of two new projects, "Yabeela" and "Hawa", as well as the upward performance of its hospitality sector due to the easing of government restrictions related to the pandemic.

Diluted earnings per share attributable to the parent for the first quarter amounted to 3.40 fils, compared to 3.16 fils for the same quarter of the previous year.

Its operating profit stood at BD3.7 million compared to BD 3.17 million last year, with an increase of 17.01%.

Seef’s total equity (after excluding the equity attributable to minority) for the first quarter decreased by 1.34% to reach BD156.20 million, compared to BD158.32 million as on December 31, 2022.

The total assets for the period increased by 0.49% to reach BD180.23 million from BD179.35 million as on 31st December 2022.

On the Q1 results,