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CONSTRUCTION NEWS

Seef Properties to distribute $18.2m cash dividends

Mar 31, 2019 5:58 PM

Seef Properties a leading real estate development company in Bahrain has announced plans to distribute 15 per cent cash dividends for the year ended December 31 2018 to its shareholders. The dividends...

Seef Properties, a leading real estate development company in Bahrain, has announced plans to distribute 15 per cent cash dividends for the year ended December 31, 2018, to its shareholders.

The dividends, which amount to BD0.015 per share, are worth a total of BD6.9 million ($18.2 million), said senior officials at the company's annual general meeting held at Fraser Suites, Seef District.

During the meeting, shareholders approved Seef Properties' audited financial results for the year ended December 31, 2018 and also discussed the key milestones achieved by the group in 2018, as well as its future outlook.

The company posted a full year net profit of BD11.12 million, while its operating profit surged to BD14.85 million in 2018 compared to BD15.16 million the previous year, a slight decrease of 2.07 per cent.

The company’s operating profit for Q4 2018 amounted to BD3.82 million compared to BD3.7 million for the same period in 2017.

Addressing the gathering, Chairman Essa Mohamed Najibi said: "Although 2018 was a challenging year, Seef Properties was able to increase its customer base despite the difficult conditions faced by various sectors on a regional level."

"The board continues to strive to strengthen Seef Properties' position in the real estate sector by developing mixed-use projects and establishing a strong business identity with a diversified business portfolio by focusing on other sectors that contribute significantly to the national economy," stated Najibi.

The year 2018 witnessed further progress on Seef Properties’ master planning works on its upcoming waterfront project, which is located between the two bridges of Muharraq and Manama, and seeks to further strengthen the kingdom’s position as an attractive tourist hub in the region.

The project will significantly contribute to the growth of the kingdom’s real estate sector, as well as the national economy as a whole.

CEO Ahmed Yusuf said: "We will continue to focus our efforts on strengthening and diversifying our asset portfolio to contribute to the development of the real estate sector in Bahrain, through our mixed-use real estate projects that seek to meet the needs of the market and create value for the entire community, thus contributing to the development of the national economy as a whole."

"In addition, Seef Properties developed ‘Liwan’, a unique mixed-use development project in Hamala which combines residential, retail and entertainment elements," he stated.

The project, which is set for official launch in the fourth quarter, will attract visitors from within the kingdom as well as neighbouring areas; further contributing to the development of the national tourism infrastructure, he added.

Seef Properties established its headquarters in the kingdom in 1999 and is a listed company on the Bahrain Bourse.-TradeArabia News Service

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