Bahrain's Seef Properties to pay 5% dividend

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MANAMA: Shareholders of Seef Properties have approved the distribution of cash dividends of five per cent (five fils per share) amounting to a total of BD2.3 million.

The announcement follows the ordinary annual general meeting held yesterday via videoconferencing where the financial results for 2020 and the recommendations of the board of directors were approved.

The meeting also agreed to transfer BD490,000 to the statutory reserve account and allocate BD170,000 in support of charitable and community causes, whilst transferring BD1.39m as retained earnings for next year.

The recommendation to allocate BD170,000 as remuneration for board members for 2020, has also received the nod.

Shareholders lauded the company’s good performance amid Covid-19 challenges.

Seef Properties reported net profit of BD4.52m for 2020, a decrease of 58.59pc from BD10.93m in the previous year.

The financial results and achievements over the past year were reviewed and discussed during the meeting, which was led by Seef Properties’ chairman Essa Najibi.

“Despite the negative repercussions of the pandemic affecting all business and economic sectors, including commercial malls, and the persisting economic impact on the hospitality, retail, commercial and entertainment business models, Seef Properties was able to maintain the momentum of its operations as a result of the implementation of flexible strategies to manage the crisis,” commented Mr Najibi.

“We are dedicating all efforts to meeting the aspirations of partners and to achieve a sustainable balance between preserving the interests of shareholders and supporting tenants and customers. Simultaneously, the company is managing its internal and financial resources with flexibility to adapt to changing circumstances,” he added.

The company’s chief executive Ahmed Yusuf added: “In 2020, Seef Properties continued to build on its two-decade legacy of excellence and leadership in 2020, taking steady strides with distinguished vision to preserve gains achieved to date, amid unprecedented challenges of the pandemic and its negative repercussions on all economic sectors, especially the entertainment, hospitality and retail sectors.”

Mr Yusuf added, “Seef Properties will continue to increase its asset base by diversifying its investment portfolio and establishing more partnerships aimed at building a commercial base that serves the interests of shareholders and clients.”

It was also announced that the extraordinary general meeting did not convene due to lack of quorum, and has been postponed to April 4.

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