MANAMA: Seef Properties B.S.C., announced its financial results for the six-month period ended 30 June 2020. The Company reported net profits and total comprehensive income attributable to the parent of BD 2.71 million for the six-month period ended 30 June 2020, compared to BD 4.72 million for the same period in the previous year, with a decrease of 42.63%.

This decrease when compared to last year is mainly attributable to the repercussions of the COVID-19 pandemic, which include reduction of income due to the introduction of the Tenant Support Fund of BD 1 million, closure of family entertainment centres and decrease in hotel apartment occupancy rates.

Diluted earnings per share for the period ended 30 June 2020 amounted to 5.89 fils, compared to 10.26 fils for the same period in the previous year. Total equity attributable to the shareholders (after excluding the equity attributable to minority) for the period ended 30 June 2020, has decreased by 2.74% reaching BD 150.31 million, compared to BD 154.54 million last year.

The total assets for the period ended 30 June 2020, has increased by 0.59% reaching BD 175.35 million, compared to BD 174.32 million last year.

Commenting on the financial results, Seef Properties’ Chairman, Mr. Essa Mohamed Najibi, said, “Despite the challenges we experienced in the first half of this year, we have been able to take steady strides to achieve our objectives in accordance with our preset plans and strategies, mainly attaining additional value for our shareholders in the long term through the investment in the development of our operations to bolster growth sustainability and cope with the current and future circumstances. The Board of Directors had previously launched the Tenant Support Fund of BD 1 million, which is approximately 38% of the net profits declared, and initiated a transitional strategy for the redeployment of the Company’s resources to curtail the impact of the pandemic on its business model and to enable it to continue towards the future”.

Mr. Najibi further added, “Our financial results reflect the robust infrastructure of the Bahraini economy and its ability to withstand crises, owing to the vision set for this sector by the wise leadership over the previous years, and in particular, the support provided to the real estate development, retail, entertainment and hospitality fields, which are at the core of our Company’s operations.”

Seef Properties B.S.C, one of the leading integrated real estate development companies in the Kingdom of Bahrain, was established in 1999 as a public company listed on Bahrain Bourse. The Company manages a large portfolio of assets, reinforcing its position as a distinguished commercial brand, backed by diverse investment projects across the Kingdom.