Seef Properties, a leading integrated real estate company in Bahrain, has given approval for the distribution of 15 per cent of cash dividends, equivalent to BD6.9 million ($18.2 million) at BD 0.015 per share, to the investors.

The announcement was made at the company's annual general meeting held at Fraser Suites, Seef District in the presence of company directors and a number of shareholders.

Speaking at the meeting, chairman Essa Mohammed Najibi said: "Seef Properties continues to achieve success year after year. 2017 saw a significant increase in operating profits and high overall revenue. I am pleased to report the end of another year that has been marked by a number of outstanding achievements, driven by a long-term sustainable strategy supported by efficient performance, enhanced growth opportunities and an outstanding level of customer service."

Seef Properties reported a gross revenue of BD17.78 million in 2017 compared to BD15.38 million in 2016, citing a 15.6 per cent increase.

Seef Properties posted operating profits of BD15.16 million compared to BD13.9 million in 2016, resulting in an increase of 9.1 per cent.

Consolidated net profit reached BD11.06 million for the year ending on December 31, 2017 compared to BD11.04 million in 2016.

"We have also built a diverse and profitable portfolio of assets that has enabled us to achieve rewarding returns, and add value to all shareholders," he noted.

According to him, 2017 was a successful year as it witnessed the completion of the design phase of the Liwan project located in Hamala where all official approvals were obtained in order to complete it as scheduled.

The mixed-use development project “Liwan” generated tremendous interest since it was launched in the market and when completed, it will redefine and elevate the surrounding area, acting as a magnet for locals as well as tourists and leisure-seekers from across the GCC, and further positioning the Kingdom as an attractive tourist Hub in the region.

Seef Properties CEO Ahmed Yusuf said: "We have stepped into 2018 with increased confidence, and we are on path to achieving even greater accomplishments this year guided by a visionary strategy and a solid investment portfolio."

"Our search for profitable investment opportunities will remain a key priority for the coming year, as we set out to further expand our asset portfolio which will also benefit the community and contribute towards the kingdom’s economic growth," he added.-TradeArabia News Service