Seef Properties announced its financial results for the first quarter ended 31st March 2024
Seef Properties reported a net profit and comprehensive income attributable to the parent of BD 1.4 million during the first quarter of 2024, compared to BD 1.6m for the same period of the previous year, a decrease of 10.6%.
The change is attributable to grace periods given to new tenants as the company’s occupancy rates continue to rise, with this rental revenue expected to be realised in future quarters. Diluted earnings per share attributable to the parent for the first quarter of 2024 amounted to 3.04 Fils, compared to 3.4 Fils for the same period the previous year.
The Company’s operating profits stood at BD 3.3m for the first quarter of 2024, compared to BD 3.7m for the same period in the previous year, a decrease of 9.9%.
The Company’s total equity (after excluding the equity attributable to minority) for the first quarter of 2024 decreased by 1.7%, reaching BD 158.3m , compared to BD 161.1m for the same period in the previous year. Total assets for the first quarter decreased by 1.8%, reaching BD 175.8m compared to BD 179.0m for the same period in the previous year.
