Seef Properties approves 9pc dividend
Manama, April 1, 2013
Bahrain-based Seef Properties said its shareholders have approved a nine per cent cash distribution and an allocation of BD830,000 ($2.2 million) to the statutory reserve for last year.
In a statement issued after the annual general meeting, chairman Shaikh Abdulla bin Khalifa Al Khalifa said that the management with the support of the board has achieved many positive results in the current term, reported the Gulf Daily News, our sister publication.
"As ever, the future will pose more challenges for the company as it seeks to grow and to expand into new territories. However, with continuity amongst the board and the executive we know we can meet these challenges and create increased value for shareholders," remarked Shaikh Abdulla.
Seef Properties reported a jump in its annual operating profit from BD9.8 million in 2011 to BD11.9 million thus registering an increase of BD2.1 million or 21.4 per cent.
The company's assets also grew from BD119.2 million in 2011 to BD123.9 million. The total equity had increased to BD117.98 million compared to BD113.16 million in 2011.
"We have successfully re-established Seef Mall in the hearts and minds of the Bahrain population and we will now embark on the next phase of our strategy which is to make Seef Properties a major real estate investor in the GCC," said Seef Properties general manager Robert Addison.
"We have strengthened our position in the local market with our involvement in a BD20 million project in Muharraq where we have already leased the 4,000 sqm supermarket to Geant," stated Addison.
"This is just one of a raft of new initiatives that will be revealed during the year," he noted.
"In the near future Seef Properties will announce a revamped and fresh new corporate identity which will serve as a better indicator of our personality and history as a company," he added.-TradeArabia News Service