Naseej, first fully-integrated real estate and infrastructure development company in the Middle East, recorded a net profit of BD3.4 million ($8.9 million) last year, compared with BD2.2 million in the previous year, a 54 per cent year on year growth.

This was announced during the company's sixth ordinary annual general meeting at its headquarters in Bahrain Financial Harbour by chairman Khalid Abdulla Janahi, reported the Gulf Daily News, our sister publication.

The meeting was also attended by vice-chairman Abdulkarim Bucheery and managing director Mohamad Alsayed.

The company's total assets also increased to BD124.6 million compared to BD118.2 million in 2013. Shareholders' equity increased to BD120.3 million, up from BD117.5 million in the previous year.

The company continues to benefit from a strong balance sheet, and a debt-free position.

The agenda also included the approval of the previous year's meeting minutes as well as the auditor's final report on Naseej's financial statements for last year.

During the meeting, elections were also held to appoint the new board members for the coming three year-term, which was commissioned and conducted by representatives of the Industry and Commerce Ministry.

The elections were carried out in the presence of a high percentage (90.4 per cent) of shareholders turnout.

 Janani welcomed new board members Khalil Ismael Al Meer and Dr Abdulaziz Abul and wished them success in charting with the rest of the board, the firm's future plans."

The chairman also reviewed the company's 2014 projects, where he provided updates about Naseej's public-private partnership project with the Housing Ministry, highlighting its steady progress with the construction of housing units.

 Janahi also noted the importance of this project to Bahrain, being the result of a shared vision among the public sector to provide innovative solutions for social housing.

 Alsayed spoke about the Yasmeenat Saar Project, which includes the development of 27 luxurious villas located in a prime location in Saar built as high quality homes targeted towards Bahrainis of the medium-high income bracket.

He said the sale of these homes have been positive to both Bahrainis as well as GCC nationals.

"Naseej is fully committed to the delivery of the Yasmeenat Saar Project, as we have already concluded the appointment of the project's main contractor Dar Al Khaleej Contracting Company, and we endeavour to complete and handover the villas to homeowners by the end of 2016."

Naseej general manager Ahmed Al Hammadi announced the re-election of  Janahi as chairman, alongside  Bucheery as vice-chairman and the reappointment of Alsayed as managing director. – TradeArabia News Service