Chairman of Seef Properties, Mr. Essa Mohamed Najibi announced the company’s consolidated financial results for the period ending 30th June, 2014 which revealed the net profit of BD 3.42 million for the 1st half of 2014 as compared to BD 3.31 million recorded for the same period last year, revealing an increase of 3.40%.
“The increase in second quarter profits is particularly pleasing, bearing in mind that our principal leisure facility, Magic Island has been undergoing refurbishment since the end of February. The new Magic Island will contribute significantly to our net profit when it opens next month. The increase in income from our Retail and Hospitality businesses has more than offset the temporary closure and is testament to the ever increasing popularity of our Malls and Fraser Suites.” said Mr Najibi.
The gross rental income for the year to date was recorded at BD 4.62 million; a 7.5% increase as compared to BD 4.30 million that was recorded last June of 2013. Operating profits revealed an increase of 3.76% with profits rising from BD 5.53 million in the first half of 2013 to BD 5.74 million for the first half of this year. Fraser Suites recorded a jump in revenue by 13.13% where figures rose to BD 1.19 million for the first half of 2014 as compared to BD 1.05 million for the same period last year.
The gross rental income for the quarter April to June 2014 increased by 6.7% from BD 2.17 million to BD 2.32 million as compared to previous year for the same period. Gross operating profit increased by a marginal 1% for the quarter April to June 2014 as compared the quarter April to June 2013, from BD 2.40 million to BD 2.42 million. Similarly the net profit for the quarter April to June 2014 increased by 1.8% from BD 1.82 million to BD 1.86 million, which also increased the earnings per share valued at 4.05 fils as compared to 3.98 fils in 2013 for the second quarter.
The company’s shareholders equity stood currently at BD 122.6 million with the earnings per share valued at 7.45 fils as compared to 7.20 fils in 2013.
“Seef Properties’ financial results for the first half reflect positively on the implementation of our business strategy and a general improvement in the economy. We have a number of exciting projects underway that will further add to the turnover and profitability of the company.” Added Seef Properties General Manager, Robert Addison,.