MANAMA: Essa Mohamed Najibi, Chairman of the Board of Directors of Seef Properties said that the year 2013 was good and he expects the business trends will yield positive results by the year-end.
Najibi, on the sidelines of the annual general assembly, told The24X7News that the Seef Properties had grown in profitability and assets in 2013 compared with a year earlier.
“With the upcoming mall in Muharraq in second quarter of the year, refurbishment of Magic Islands with BD2.5million and opening of three new restaurants, we expect much positive impact on the business this year,” he added.
Earlier, overwhelming majority of 56% of the total shareholding of Seef Properties during its Annual General Meeting (AGM) approved a 10% cash distribution to its shareholders at the rate of BD 10 fils per share and an allocation of BD 1,003,000 to the statutory reserve.
The AGM also approved the allocation of BD 198,000 as remuneration for the Board of Directors and BD 160,000 for Corporate Social Responsibility related activities including donations, supporting local charity, social and sport activities, while BD 4.06 million was kept as retained earnings for the coming year.
The AGM was held in the presence of board members, Government officials and representatives from major shareholders of Seef Properties, including the General Organization for Social Insurance, Royal Charity Organization, Kuwait Finance House (KFH), and the Al Bayan Group.
Seef Properties reported a 21.2% jump in its net profit at BD 10.02 million compared to BD 8.27 million in 2012. The company’s assets also increased from BD123.91million in 2012 to BD130.19 million in 2013. The total equity has increased to BD123.86 million compared to BD117.98 million in 2012.
“Our success over the years reflects the strength of our mission, people, values and culture. We are firmly focused on our goal to drive shareholder value through strengthening our business going forward,” the Chairman added.
“2014 is going to be an exciting year for Seef Properties with the opening of Seef Mall Muharraq later this year. The mall is fully leased and anchored by a Geant Hypermarket and a 14 screen Cinema complex operated by Grand Cinemas”, Seef Properties General Manager, Robert Addison, said.
“We are also continuing to enhance the appeal and attractiveness of our principal asset Seef Mall, and this year will see a fast track renovation of Magic Island that will not only significantly boost revenue and profits but also drive much increased footfall to the Mall. The new external Restaurants will also add to the attractiveness of the Mall by providing exciting dining options to complement the renovation of our Cinemas.”