H1'19 profit hike at Bahrain's Seef Properties despite 'tough challenges'
Q2 2019 net profits also expanded at the real estate developer, which faced challenging local market conditions in H1'19
Bahrain Bourse-listed real estate developer Seef Properties has recorded a 3.3% spike in its H1 2019 net profits to reach $12.5m (BHD4.7m) from $12.1m (BHD4.5m) in H1 2018, despite facing "tough challenges in the local market".
According to the company’s stock market filing, revenues in the first half of 2019 dropped by 0.7% to reach $24.3m (BHD9.1m) from H1 2018's corresponding figure of $25m (BHD9.2m).
Quarterly results at the development firm continued the bullish trend, with net profits reaching $6.7m (BHD2.3m) in Q2 2019, up 4.7% from Q2 2018’s net profit of $6.4m (BHD2.4m).
Revenues at Seef Properties slightly dropped to $12m (BHD4.5) in Q2 2019 from $12.2m (BHD4.6m) in Q2 2018.
Commenting on the results, chief executive officer of Seef Properties, Ahmed Yusuf, said: “We strive to further enhance our real estate portfolio by developing more hospitality and leisure related projects as part of our strategy, to continue our mission and improve our financial results on an annual basis."
Chairman of Seef Properties, Essa Najibi, added: “Despite the challenges in the local market, we still believe in the existence of a multitude of opportunities for growth and development in the future.”