Naseej posts $12m income in 2012
Manama, June 6, 2013
Bahrain-based Naseej, a fully-integrated real estate and infrastructure company, has reported total income of BD4.47 million ($11.85 million) for last year as against BD4.15 million in 2011.
The company's total expenses decreased to BD1.92 million from BD2.38 million in the previous year, according to a report in the Gulf daily News, our sister publication.
At the end of last year, total assets had grown to BD115.9 million, while total equity had increased to BD115.2 million.
The financials were reported by managing director and acting chief executive Mohammed Khalil Alsayed during the company's fourth annual general meeting yesterday at the Capital Club, Bahrain Financial Harbour.
"Last year was challenging but productive... Naseej remains strongly capitalised, highly liquid and unleveraged," Alsayed said.
"We are now looking at realising some of the attractive investment opportunities that we have identified in the GCC, Middle East and North Africa, and Europe. Looking ahead, we remain cautiously optimistic about the prospects for Naseej this year and beyond.
"The government is pushing ahead with its reform programme, and successfully pursuing initiatives to generate improved economic growth; while the real estate market is exhibiting tentative signs of recovery," he said. – TradeArabia News Service
More Construction & Real Estate Stories
- HUGE DEAL: Arabtec inks $40bn Egypt housing project
- Galfar ex-CEO gets 15 years' jail over bribes
- $32m BFH car park work underway
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan
- Cluttons Dubai launches new luxury apartments
- Dubai developer Damac profits triple to $641m
- Dubai to start work on $544m water canal
- Dubai property market can absorb 25,000 units
- Jones Lang LaSalle renamed 'JLL'
- Aldar raises synergy estimate from Sorouh merger
- UAE industrial property sector keeps up growth