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FINANCIAL NEWS
Bahrain’s Seef Properties reports USD8.4m profit in H1
14 Aug 2012
(MENAFN) Bahraini developer Seef Properties reported a 42.5 percent increase in half-yearly profits on higher retail business performance, Gulf Daily News reported.
The company said it made USD8.4 million net profit during the first six months of the year, up from USD5.9 million a year earlier.
The company said last year’s profit was affected by the rent concession granted by the board to tenants.
Gross rental income for the year to date increased by 4.3 percent to USD11.17 million from USD10.7 million a year earlier.
Seef Properties has signed an agreement with Almoayyed Contracting for the construction of a USD44.8 million mall. The project is scheduled to complete in December 2013.
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