Seef Properties Reports Profits for H1 2011

• Net profits reach BD 2.25 million
• Year-on year gross rental income up by 2%
• Subsidiaries record positive growth

Manama, Bahrain– August 03, 2011:
Seef Properties (Seef) announced its net profits for the first half of 2011 (ending 30^th June), reporting BD 2.25 million in net profit compared to BD 3.28 million for the same period of last year.

Year-on-year gross rental income grew slightly by 2% to reach BD 4.07 million not taking into account the rent waiver which the company offered to tenants as part of a BD 1 million aid package in light of the unrest earlier this year.

Other subsidiaries of Seef Properties are also showing signs of steady growth. The new Magic Island outlet in Ramli Mall has been performing well since opening on May 31^st, and is forecast to achieve its target for the year.
Similarly, Fraser Suites the luxury serviced apartment provider reported a sharp increase in occupancy rates over the past few months.

Shaikh Abdulla bin Khalifa Al Khalifa, Chairman of Seef Properties commented, “Remaining profitable despite the disruptions caused by the recent unrest is a clear indicator of the soundness of our strategy and health of our financial position. By investing in reinvigorating shopping activity, tenant retention, and enhancement of our existing assets, we have managed to keep the negative effects of that difficult period to a minimum. And we believe this bodes well for us as we look forward to more robust results in the second half of the year.”

Seef Mall’s “Seef Summer Surprises” and “Ramadaniyat” campaigns, coupled with the opening of a string of new retail and dining outlets and value-added services, has been a tremendous boon to shopping activity in Seef Properties’ flagship retail property. Seef Mall’s BD 2.5 million refurbishment plan is also on course for completion by Q4 of this year. 

Robert Addison, General Manager of Seef Properties echoed the Chairman’s positive outlook, saying “Despite impacting short-term earnings, we believe proactive measures such as the relief package put us on sustainable footing over the long term by demonstrating our steadfast commitment to fostering long-lasting business partnerships with our tenants.”

Addison further confirmed that more large-scale promotions and new outlets are planned for roll-out this year and will be announced in due course.