Seef Properties reports Q4 2010 results

Seef Properties today announced that its net income for the year 2010, which ended on Dec 31st, jumped by 33 percent, reaching BD 9,371,976 (nine million three-hundred seventy-one thousand nine-hundred and seventy-six) compared to BD 7,054,189 (seven million fifty-four thousand one-hundred and eighty-nine) in Q4 of 2009.

Total assets also grew marginally, reaching BD 114,084,162 (one-hundred fourteen million eighty-four thousand one-hundred and sixty-two) compared to BD 108,927,350 (one-hundred eight million nine-hundred twenty-seven thousand three-hundred and fifty) for the same period last year, representing a 5 percent increase. Earnings per share also increased to 20 fils compared to 15 fils for the same period in 2009.

In their meeting today (February 22^nd, 2011) Seef Properties’ Board of Directors agreed to issue a recommendation to the General Assembly to distribute dividends worth 7.5% of the company’s stock value – a 50% increase compared to 2009.

Commenting on the results, Chairman of Seef Properties Shaikh Abdulla bin Khalifa Al Khalifa said, “2010 was a year of significant change. We witnessed the gradual remission of the effects of the economic downturn and a relative return to normalcy in market conditions. Such outstanding growth during the final quarter despite adverse market conditions is indicative of the sound strategy we have in place, and our stakeholders can be assured that our capable management team will continue to seek new opportunities that will further bolster our competitive standing going forward.“

The company had recently unveiled a BD 2.5 million dinar refurbishment plan of its landmark property, Seef Mall. The project, which commenced in January and is due for completion in December, is being led by Robert Addison, General Manager of Seef Properties who was appointed in September of 2010.

 “The refurbishment plan is a major component of a string of major initiatives aimed at enhancing the total customer experience across our entire property portfolio. These will help us remain sustainable and continue our successful growth track record in the face of an increasingly competitive market,” Addison said.

Seef Properties, whose principal shareholders are the Social Insurance Organisation and the Royal  Charity Organisation, plans to hold its Annual General Meeting in late March, and will feature the unveiling of the inaugural issue of the company’s annual report.