Naseej 2011 income soars to $11m
Manama, April 24, 2012
Naseej, a leading real estate firm committed to affordable housing in Bahrain, said its total income for 2011 rose to BD4.1 million ($10.9 million) from BD3.5 million the previous year.
Announcing the results, chairman Khalid Janahi said, "Naseej remains strongly capitalised, highly liquid and unleveraged. The company's total expenses increased to BD2.4 million from BD1.2 million the previous year."
At the end of 2011, total assets had grown to reach BD113.1 million while total equity stood at BD112.6 million, he stated.
During the annual meeting, shareholders approved the election of a new board for the next three years. Janahi was reappointed as the chairman, while Abdulkarim Bucheery was renamed vice-chairman.
Janahi later briefed the shareholders on the company's two initial property development projects.
First and most significant, was the appointment of Naseej by the government as a partner for the first social and affordable housing public-private-partnership in the Gulf.
This groundbreaking project will develop 4,100 social and affordable housing units over the next three years, said the chairman.
Janahi congratulated the government for achieving this major milestone, through its commitment to provide Bahraini citizens with affordable homes, in partnership with the private sector.
He also praised the government's efforts to develop the kingdom's economy.
The Naseej management adopted a strict policy to strengthen the company's liquidity and minimise operating expenses, chief executive Christopher Sims said.
"These measures proved to be successful, with net profit for 2011 ending higher than originally forecast," he said.
"We are seeking regional investment opportunities in other GCC countries and in Morocco for the development of affordable housing projects that will provide a positive return for Naseej," he added.-TradeArabia News Service