Bahrain – Seef Properties achieves a net profit of $5.02 million…

(MENAFN– Akhbar Al Khaleej)

Seef Properties Company (trading code on the Bahrain Bourse: SEEF (“The Company”) its financial results for the fiscal year ending on December 31, 2021, including the results of last quarter of 2021.

The company achieved net profits and comprehensive income attributable to the shareholders of the parent company amounting to 1.48 million Bahraini dinars. During the last quarter of 2021, compared to 0.88 million Bahraini dinars during the same period of the year last year, an increase of 67.22 ‭%‬ . This increase is mainly due to the increase in revenues in the hospitality sector, which coincided with recording almost operational levels Normal in hotel apartments and longer periods of operation in family entertainment centers. And

The value of the basic and diluted earnings per share attributable to the shareholders of the parent company in the last quarter From 2021, an amount of 3.21 Bahraini fils, compared to 1.92 Bahraini fils for the same period from last year. During the last quarter of 2021, the company achieved an operating profit of 2.92 million Bahraini dinars. Compared to 3.20 million Bahraini dinars for the same period last year, a decrease of 8.92 ‭%‬ ‭.‬

The company also achieved net profits and comprehensive income attributable to the shareholders of the parent company, amounting to 5.02 million dinars. BD for the year ended December 31, 2021, compared to BD 4.52 million for the same period from Last year, an increase of 10.91 ‭%‬ . This increase is mainly due to the above-mentioned reasons in addition to the decrease in the support provided to tenants by group during 2021 compared to 2020.

The value of the basic and diluted earnings per share attributable to the shareholders of the parent company for the ended fiscal year On December 31, 2021 an amount of 10.91 Bahraini fils, compared to 9.84 Bahraini fils in Same period last year. During the fiscal year ending on December 31, 2021, the company achieved an operating profit of 10.26 million Bahraini Dinars, compared to 10.40 million Bahraini Dinars for the same period last year, a decrease of 1.34 ‭%‬ ‭.‬

Total shareholders’ equity (after excluding minority interests) for the period ended December 31, 2021 increased by 1. 79 ‭%‬ to 154.88 million BD, compared to 152.17 million BD for the same period from last year. Total assets for the period ending on December 31, 2021 increased by 3.80 ‭%‬ To reach 179.87 million Bahraini dinars, compared to 173.28 million Bahraini dinars last year. And

Based on the financial results, the Board of Directors decided to recommend to the General Assembly the distribution of cash dividends at the rate of 6% ‭%‬ equivalent to 2.76 million Bahraini dinars, and the allocation of 0.17 million Bahraini dinars For donations and social service.

Commenting on the financial results, Issa Muhammad Najebi, Chairman of the Board of Directors of Seef Properties, said: : “Despite the exceptional circumstances in 2021, and the passing of another year since the pandemic, Seef Real Estate Company It succeeded in continuing its balanced strategic policies and renewing its keenness to ensure the interests of shareholders, partners and customers, what contributed to In achieving the best possible financial and operational performance, as we strived to mitigate the impact of (Covid-19) on The company’s business model and main activities. The company also continued during the year 2021 to support its valued tenant partners by extending the support fund, out of belief Including the need to strengthen its partnership with the pillars of its business model, and its permanent commitment to supporting them through thick and thin in order to mitigate of the pandemic’s damages to tenants in their various institutions and businesses.”

Najeby added: “We are all optimistic about the continuation of recovery in the local market in 2022 and the continuation of the positive approach in the future Recording a gradual recovery in all sectors of the national economy, thanks to the economic recovery plan and its qualitative strategy that It was recently launched in line with the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa and the Crown Prince The Covenant, the distinguished Prime Minister, may God protect him. We take this opportunity to express our deep appreciation and sincere gratitude to the wise leadership and the esteemed government for the care they have taken. And interest that received wide regional and international acclaim throughout the two years of the pandemic, which was based on protecting society from the effects of the pandemic. health, and protecting society from economic impacts.

Najebi continued: “This year will witness the launch of a number of the company’s most prominent portfolio projects that will enhance its resources Financial, which consolidates the company’s leadership in the sectors of entertainment, shopping and management of commercial centers. We also look at the leisure and hospitality sectors most affected by the consequences of the (Covid-19) pandemic with more optimism for the year 2022, with a gradual recovery and an accelerating pace of growth, with the tourism movement returning to activity at rates It is stable, and we are keen to revive it with the application of the highest safety standards and precautionary measures to ensure the health of visitors and visitors. In turn, we will continue to implement a flexible and thoughtful business strategy to strengthen the company’s financial position and develop its operational performance to meet The aspirations of the shareholders and the desires of our valued customers in our various main business sectors, with the continuous introduction of innovative services In the fields of hospitality and entertainment, management of commercial centers and real estate development.

For his part, Ahmed Youssef, CEO of Seef Properties Company, said: “The company succeeded, praise be to God, and then Thanks to the directives of the Board of Directors and the efforts of our work teams in overcoming the challenges of the Corona pandemic and moving at a steady pace in Achieving sustainability with its main business model activities in the areas of real estate development, mall management, hospitality and entertainment. The company has been seeking for some time to diversify its sources of income by searching for promising opportunities that contribute to Improving its financial performance and developing its operational performance, as Seef Real Estate Company launched a real estate activity last year A new real estate management service, and the Souk Al Baraha project is the first of this new real estate activity for the company By providing comprehensive management services for the project located in Diyar Al Muharraq, which reflects the company’s direction to launch new partnerships for expansion In providing real estate management services and commercial centers in the Kingdom. And

Ahmed Youssef added: “Seef Properties continues to lead the way in the commercial center management sector due to the He has accumulated experience in managing, leasing and marketing commercial complexes, which has contributed to enhancing the role of Seef Malls are exceptional shopping centers in the Kingdom, despite the exceptional circumstances, and evidence of this is the acceleration of the pace Leasing at the present time with the attraction of a lot of new brands, and the opening of a number of prestigious brand names In the Seef Mall – Seef District recently, a number of which enter Bahrain for the first time, which translates The great confidence of investors and major retailers in Seef Real Estate Company and the facilities and advantages it offers are unparalleled on level of the local market.

Ahmed Youssef continued by saying: “We will continue our tireless efforts to attract quality brands in Seef Malls, and we will announce New brand names for the foreseeable future. We are confident that further recovery will be achieved in light of the tremendous efforts made by the esteemed government and the national medical team Under the leadership of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister Allah

Regarding the latest developments of the Al-Liwan mixed-use project in Hamala, Ahmed Youssef stated that the project will be shaped by what it offers From a unique combination in the world of housing, entertainment and hospitality, a modern environment for residents and visitors, while providing Vast green spaces and water bodies will add more splendor to the project’s multi-use facilities, pointing to The percentage of reservations for rental spaces currently exceeds 77 ‭%‬ With the entry of major regional and international brands, a number of which enter Bahrain for the first time through the project In addition to attracting more brands to serve a large segment of visitors in the hospitality and entertainment sectors. And

Ahmed Youssef added: “Seef Real Estate Company was recently able to win two prestigious international awards for its project. Al Liwan is the best mixed-use real estate development project in the Kingdom of Bahrain at the Arab Property Awards In the Arab and African regions 2021-2022 ( Arabian ‭ ‬ Property ‭ ‬ Awards ) awarded by the International Organization of Real Estate Awards in the United Kingdom, and the award for the best commercial real estate project for the year 2021 from Middle East Economic Digest (MEED).


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