“Bahain’s tourism, retail and business sectors are back on the right track of growth,” Chairman of Seef Properties Shaikh Abdulla bin Khalifa Al Khalifa told Arab News, following the annual general meeting of the shareholders held at Frasers Suites on Thursday.
“Seef Properties announced net profit of BD8.59 million for 2011 and the shareholders accorded the approval of the payment of cash dividend of BD3.45million,” he added.
Seef Properties announced a full-year cash dividend of BD 3,450,000 for its shareholders at the AGM. The dividend represented a payout of 7.5 fils per share that was announced by Chairman of Seef Properties Shaikh Abdulla bin Khalifa Al Khalifa.
Present at the meeting were shareholders, Board of Directors, and the executive management of Seef Properties along with Government officials and representatives from major shareholders of Seef Properties who were updated on Seef Properties’ activities and financial performance for the past year, in addition to the future direction of the company.
Seef Properties announced an operating profit of BD 10.35m for the year ending December 31st, 2011 after eliminating the one month rent relief provided to tenants, as compared to 2010, where the operating profit was BD10.29million.
“Following the disturbances and disruption to business in early 2011 the Board acknowledged its responsibility as a leading Bahrain company and took action to help alleviate the losses experienced by our tenants. We allocated BD 1 million through a package of rent relief and an extensive, innovative marketing campaign which was well received and highly successful,” the Chairman of Seef Properties added.
The company’s total assets grew marginally reaching BD119.26million compared to BD114.08million for the same period the previous year in 2011 with the earnings per share valued at 19 fils as compared to 20 fils in 2010.
“The resilience that Seef Properties has displayed in 2011 can only encourage confidence in its ability to deliver consistently good results in the future. Our results reflect the soundness of our business strategy and pragmatic approach which have enabled us to strengthen our financial position and ensure sustainable growth for our shareholders,” he said.
“We are optimistic that Seef Properties will continue to be successful in 2012 and beyond as we seek to build on our leading position in the real estate market in Bahrain. The strategy applied this year has been successful, and is evident from the positive results we reported today. I am confident we will continue building on our successful track record and place ourselves in an even stronger position in the coming months,” Robert Addison, General Manager of Seef Properties echoed the Chairman’s positive outlook, said.
The financial results for the year were based on the overall performance of Seef properties which owns and manages Seef Mall, Isa Town Mall, Fraser Suites, Magic Island and a total of 800 retail units across 45 locations in the Kingdom of Bahrain.