Bahrain's Seef Properties' H1 2017 net profit surges 16%
Bahrain-based Seef Properties has registered a net profit of $13.7m for the H1 2017, up 16% compared to $11.8m for the corresponding period last year
Bahrain-based Seef Properties has registered a net profit of $13.7m for the H1 2017, up 16% compared to $11.8m for the corresponding period last year.
Announcing the results for the first six months of the year, Seef Properties said its operating income surged to $23.6m during the period compared to $18.9m for the same period in 2016, registering an increase of 24.7%.
The real estate firm netted a profit of $7.3m during the second quarter compared to $6.1m during the same quarter last year.
"The first half witnessed a net profit increase of 15.9% which further solidifies the company’s position as one of the leading real estate development companies in Bahrain," said Essa Najibi, chairman, Seef Properties.
“We are committed to improving our investments by providing high-end products and services in-line with international standards,” he added.
"We are focused on ensuring that our shareholders’ interests are met by developing a rigorous strategy that aims to create sustainable value based on safe and profitable investments," commented Ahmed Yusuf, CEO, Seef Properties.