Recorded Net Profit of BD8.59 Million with Cash Dividend of 7.5percent
Seef Properties posted a BD 8.59m net profit for the year ending 31st December 2011 as compared to BD 9.37m in 2010.
The company's total assets grew marginally reaching BD119.26m compared to BD114.08m for the same period last yearwith the earnings per share valued at 19 fils as compared to 20 fils in 2010.
The operating profit for 2011 recorded BD 10.35m after eliminating the one month rent relief provided to tenants, as compared to 2010, where the operating profit was BD 10.29m.
At a meeting held on 19th of February, 2012, the Board of Directors has recommended to distribute cash dividend of 7.5% to the shareholders for the year 2011, subject to approval at the Annual General Meeting.
Abdulla bin Khalifa Al Khalifa, Chairman of Seef Properties commented, "Despite the challenging conditions in the Bahraini market throughout last year, we have succeeded in remaining profitable. 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."
Robert Addison, General Manager of Seef Properties echoed the Chairman's positive outlook, saying "The strategy applied this year has been successful, and is evident from the positive results we reported today. I am confident that overcoming all obstacles, we will continue building on our successful track record and place ourselves in an even stronger position in the coming months."
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.
© Press Release 2012
