Seef Properties announces 1st quarter 2011 results

Seef Properties (Seef) today announced its financial results for the first quarter of 2011, ending 31^st March, with a significant profit of BD 1,380,747 (one million three-hundred eighty thousand seven-hundred and forty-seven), at its Board meeting discussing Q1 results.

Total assets also showed an increase, reaching BD 116,000,000 compared to BD 114,000,000 for the end of 2010.Earnings per share fell slightly to 3.0 fils compared to 3.7 fils at the end of Q1 2010.

Commenting on the results Shaikh Abdulla bin Khalifa Al Khalifa, Chairman of Seef Properties said, “The board was in agreement that Seef Properties remain in a healthy financial position, taking into account the recent situation within the Kingdom of Bahrain. During recent weeks since stability was restored we have been heavily focused on driving shoppers back to our retail properties and enhancing our existing assets, which has allowed us to record a healthy profit and register growth in key areas.

“I am pleased to note that Fraser Suites remains profitable, despite a lower occupancy levels which in turn affected Q1 growth compared to last year. We anticipate an increase in tourism during the remainder of 2011, particularly with the lifting of the State of National Safety on 1^st June. "

Seef Properties recently unveiled a BD 2.5 million refurbishment plan of its landmark property, Seef Mall, which commenced in January and is on track to be completed in December. 

Robert Addison, General Manager of Seef Properties commented, “The refurbishment of Seef Mall, together with the series of consumer focused promotions and initiatives we have planned for this year, are in keeping with our philosophy of being the most family-friendly mall in Bahrain. We are already seeing a steady increase in footfall in recent weeks with increasing traffic from across the Causeway. The Board is committed to this project, and refurbishment works are being completed ahead of schedule. The future of Seef Properties and the Mall in particular looks very promising and I am also pleased with the great line-up of outlets we have set to open in May and June, which will appeal to shoppers of all ages and backgrounds.”

Other initiatives aimed at increasing footfall and enhancing the total customer experience at Seef Mall have also been underway, namely the introduction of the ‘Seef Express’ train services in March which ferry parents and children around the mall free of charge. Alongside this, the “Seef Summer Surprises” promotion was launched in April and will continue on until mid-July, offering shoppers an exciting and fun-filled shopping experience with many chances to win attractive prizes. Seef Properties also recently announced a BD 1 million relief package for tenants at Seef Mall in light of recent events which have negatively impacted shopping activity across all shopping centers in the Kingdom.