Bahrain’s Seef Properties achieves a net profit of $ 7.2 million

Bahrain

Seef Properties reported net profits and total comprehensive income of BD2.71 million for the six-month period end-June 2020, compared with BD4.72m for the identical period within the previous year, with a decrease of 42.63 percent. This decrease, compared to last year, is principally thanks to the repercussions of the Covid-19 pandemic, which include reduction of income because of the introduction of the tenant support fund of BD1m, closure of family entertainment centers and reduce in hotel apartment occupancy rates. Diluted earnings per share for the amount ended June 2020 amounted to five.89 fils, compared to 10.26 fils for the identical period within the previous year.

All out value (in the wake of barring the value owing to minority) for the period end-June 2020, has diminished by 2.74pc coming to BD150.31m, contrasted with BD154.54m a year ago.
All out resources for the period have expanded by 0.59pc coming to BD175.35m contrasted with BD174.32m a year ago.

Seef Properties’ administrator Essa Najibi stated, “Regardless of the difficulties we encountered in the primary portion of this current year, we have had the option to take consistent steps to accomplish our targets as per our preset plans and procedures, primarily achieving extra an incentive for our investors in the long haul through the interest in the advancement of our activities to reinforce development manageability and adapt to the current and future conditions. The board had recently propelled the Tenant Support Fund of BD1m, which is around 38pc of the net benefits announced and started a momentary technique for the redeployment of the organization’s assets to reduce the effect of the pandemic on its plan of action and to empower it to proceed towards what’s to come”.

Mr. Najibi further included, “Our money related outcomes mirror the powerful framework of the Bahraini economy and its capacity to withstand emergencies, inferable from the vision set for this division by the astute initiative over the earlier years, and specifically, the help gave to the land advancement, retail, diversion, and neighborliness fields, which are at the center of our organization’s tasks.” As far as concerns he, Seef Properties’ CEO Ahmed Yusuf stated, “The monetary outcomes revealed in the primary portion of the year mirror the operational productivity of Seef Properties in the midst of the current conditions. “We have actualized a propelled program to expand cost proficiency to neutralize the ongoing decrease in benefits and incomes.”

He included, “The organization’s benefit has been affected because of the sharp decrease in purchaser shopping patterns experienced in nearby and worldwide markets because of the pandemic, with the authority prudent steps bringing about the conclusion of food courts, films, and family diversion focuses in our shopping centers, notwithstanding a sizeable decrease in lodging inhabitance, which is all at the core of the organization’s activities. Be that as it may, we stay hopeful about accomplishing better outcomes during the second 50% of this current year, which will agree with the continuous lightening of the careful steps and the arrival to the common life, which are all signs we are at present seeing through the expansion in footfall at our shopping centers.”