|26 March, 2020

Bahrain-based Seef Properties approves cash dividend of $18.2mln

The shareholders approved the financial results for the year ended 31 December 2019

MANAMA: Seef Properties shareholders have approved the distribution of cash dividends of 15 per cent, the equivalent of BD6.9 million or 15 fils per share.

The announcement follows the annual general meeting held yesterday via videoconferencing from Bahrain Bourse Business Centre in Bahrain Financial Harbour, in line with the recent directives issued by the government as part of its dedicated efforts to contain and prevent the spread of Coronavirus Disease (Covid-19) in the kingdom.

The meeting was chaired by vice-chairman Dr Mustafa Al Sayed and was attended by board members and chief executive Ahmed Yusuf.

The meeting discussed the company’s financial results and its main accomplishments during the past year.

In the meeting, the shareholders approved the financial results for the year ended 31 December 2019 and the recommendations of the board of directors.

The shareholders also approved transferring an amount of BD1.1m to the statutory reserve account, as well as allocating an amount of BD0.17m in support of charitable and community causes, whilst transferring BD2.5m as retained earnings for next year.

The company reported net profit of BD10.93m for 2019, compared with BD10.91m for the same period of the previous year, an increase of 0.11pc.

The gross revenue increased by 0.67pc in 2019 to BD11.19m compared to BD11.12m in the same period of the previous year.

As for operating profit, the company reported an increase of 1.86pc to BD15.13m compared to BD14.85m in the same period of the previous year.

Dr Al Sayed said: “The achievement of such positive results is attributed to the company’s capability to control its spending, implement plans designed to grow existing business activities and create new sources of income and returns, as well as strengthening internal frameworks and corporate governance.”

Commenting, Mr Yusuf said: “This year is important, as we are opening the Al Liwan Project in the fourth quarter. It is a leading project that is considered as a unique shopping and entertainment destination in the kingdom.

“Our long-term vision is to remain at the forefront of entertainment providers in Bahrain. We are currently preparing for the launch of the largest family entertainment centre in the kingdom within Al Liwan Project, in addition to the expansion of the Jumpoline. Commercial malls will continue to be at the core of our operations, while we work on diversifying our investment portfolio.”

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