Seef Properties' H1 net profit surges 16pc

27/07/2017 08:15 AST

Bahrain-based Seef Properties has registered a net profit of BD5.2 million ($13.7 million) for the first half of 2017, up 16 per cent compared to BD4.5 million ($11.8 million) the same period last year.

Announcing the results for the first six months, Seef Properties said its operating income surged to BD8.88 million during the period compared to BD7.12 million in 2016, thus registering an increase of 24.7 per cent.

Meanwhile the operating profit witnessed a growth of 16.3 per cent from BD7.68 million posted during the first six months of 2017 when compared to BD6.6 million recorded during the same period last year, it stated.

The Bahraini real estate firm netted a profit of BD2.76 million during the second quarter compared to BD2.29 million the year before.

On the performance, Essa Najibi, the chairman of Seef Properties, said the company continues to achieve solid financial results which are a clear indication of its resilient strategy and achievements.

"The first half witnessed a net profit increase of 15.9 per cent which further solidifies the company's position as the one of the leading real estate development companies in Bahrain," observed Najibi.

"Seef Properties will continue to contribute to the development and growth of this industry and we look forward to achieving an outstanding set of financial results during the next quarter. We are committed to improving our investments by providing high-end products and services in-line with international standards," he added.

CEO Ahmed Yusuf said: "We are focused on ensuring that our shareholders' interests are met by developing a rigorous strategy that aims to create sustainable value based on safe and profitable investments while taking into consideration the most appropriate governance across all our activities."

"Seef Properties adopts a long-term strategy that relies primarily on expanding its investment portfolio to reach the highest levels of success," he added.

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