Seef Properties Reports 3^rd Quarter 2011 Results
Net profit registers a 19% jump compared to 2010

Net profit: BD 1.57 million
Total assets: BD 115.2 million

Manama, Bahrain– November 14, 2011:Seef Properties announced its financial results for the third quarter of 2011 (ending 30^th September), reporting a 19 percent increase in net profits which reached BD 1.57 million compared to BD 1.32 million in the third quarter of 2010.

A net income of BD 3.82 million was recorded for the first 9 months of 2011.

Excluding the financial relief package extended to tenants earlier this year, Seef Properties actually recorded BD 1.72 million in net profits for Q3 2011, a 30 percent increase compared to Q3 last year and BD 4.39 million in net income for the first nine months of 2011.

Total assets also increased to BD 115.2 million compared to BD 114.0 million for the end of 2010. Earnings per share also increased marginally to 3.42 fils compared to 2.89 fils for the same period in 2010.

Shaikh Abdulla bin Khalifa Al Khalifa, Chairman of Seef Properties commented, “Despite the difficulties caused by the unrest earlier this year, we have succeeded in remaining profitable. Our results reflect the soundness of our business strategy and pragmatic approach which have enabled us to strengthen our financial position and ensure sustainable growth for our shareholders.”

Other subsidiaries of Seef Properties are also showing signs of returning to growth. Earlier this month another branch of Magic Island opened its doors to the public in Isa Town Mall, building upon the success of the Ramli Mall branch. Fraser Suites has also recorded very encouraging occupancy for the quarter.

Robert Addison, General Manager of Seef Properties echoed the Chairman’s positive outlook, saying “The strategy which we put in place earlier this year has been successful, and this is evident from the positive results we reported today. I am confident we will continue building on our successful track record and place ourselves in an even stronger position in the coming months.”

Other initiatives aimed at increasing footfall and enhancing the total customer experience at Seef Mall are also underway. Seef Mall’s BD 2.5 million refurbishment plan is also in its final stages and will be fully complete in time for the New Year as scheduled.