Seef Properties announced at its Board meeting yesterday a 20% increase in the first quarter net profits at BD 1.66 million as compared to BD1.38 million for the same period last year. 

Shaikh Abdulla bin Khalifa Al Khalifa, Chairman of Seef Properties commented, “We have had a very encouraging start to 2012 in registering strong revenue growth. This reflects the resurgent economy in Bahrain evidenced by an improved performance from our leisure and hospitality sector backed by consistent performance from the retail part of the company’s businesses.” 

“Seef Properties’ success in the first quarter of 2012 reflects the well managed and diversified investment approach accompanied with the implementation of successful marketing and promotional campaigns,” he continued. 

The company's shareholders equity increased by 7% from BD 105.9m in the first quarter of 2011 to BD 111.3m for the same period this year with the earnings per share valued at 3.6 fils as compared to 3 fils in 2011. 

“I am confident that this growth trend will continue to accelerate as the year progresses and will assist in building on our successful track record, placing ourselves in an even stronger position in the months to come,” concluded Shaikh Abdullah.

Seef Mall’s exciting lineup of promotions including the on-going ‘Seef, It’s My Mall’ campaign, coupled with the opening of new retail and dining outlets and value-added services, have given a tremendous boost to shopping activities in Seef Properties’ flagship retail property- Seef Mall.

“The restoration of business levels in the Kingdom of Bahrain combined with our marketing has helped in raising our foot traffic in all our retail properties and this has given us a good start to the year and encouraging growth in our profits. What is really pleasing is that our footfall. Is above 2010 levels so far this year."said Robert Addison, General Manager of Seef Properties.

“Seef Properties is focused on identifying new opportunities in line with the fast-changing economic environment and consumer trends. As the year progresses we expect to further develop and expand the business and continue to deliver positive results and ensure sustainable growth for our shareholders,” he further added. 

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

Seef Properties signed a partnership agreement with Muharraq Mall Company announcing their acquisition of a 50% stake in the upcoming Muharraq Seef Mall near Arad Fort. 

The new partnership paves the way for the development of the BD 18.7 million project whereby Seef Properties will be responsible for the leasing and management of the mall which is projected to open by Q3 2014.    

Integrated with the new corniche constructed along Arad bay, the Muharraq Seef Mall has a total leasable area of 30,000 sqm and will have on-grade parking with retail space spread over two levels. The project will contain retail and leisure outlets and has been designed to cater for the needs of the residents living in Muharraq and visitors alike. The project includes an open air amphitheatre that will be used for public and cultural events. 

The Chairman of Seef Properties, Shaikh Abdulla bin Khalifa Al Khalifa said, “This acquisition marks an important milestone in the evolution of Seef Properties as it becomes the leading mall developer in Bahrain. We see this project as an important facility for the residents of Muharraq, and also an indicator of business confidence in Bahrain. We hope to be able to announce further acquisitions or developments in the near future.” 

Adnan Al Bassem, Chairman of Muharraq Mall Company added, “We are delighted with our partnership with Seef Properties. Their backing of the project and the experience they bring will add significant value and ensure the success of the project. “  

“We are also extremely grateful to the Muharraq Club, as the owners of the land, for their assistance in facilitating the new partnership, he further added. 

The Muharraq Mall Company W.L.L. is a 55/45 joint venture between the Malls Real Estate Development Company and Haykala Investment Company.

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

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. 

 Seef Properties nets profit of BD1.3 million and total assets exceed BD115 million

The franchise’s third location adds another 1,600 sq. meters and 150 new games of fun and games

Exclusive Privé Haidressing by Fadi Harb joins Fraser Suites first-rate range of facilities

Share h

Shareholders, Board of Directors, and executive management of Seef Properties convened in Fraser Suites for the company’s annual general meeting (AGM) today, 30th March. Government officials and representatives from major shareholders of Seef Properties were in attendance, including the General Organisation for Social Insurance, Royal Charity Organisation, Kuwait Finance House (KFH), Al Bayan Group, and Bahrain Islamic Bank (BIsB).