Seef Properties AGM approves distribution of BD 4.14M cash dividends

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

Seef Properties held its Ordinary Annual General Meeting yesterday which approved the financial results for the year ended 31 December 2023 and the recommendations of the Board of Directors, which included the distribution of cash dividends to the shareholders of 9%, an equivalent of BD 4.14 million (9 fils per share).

The meeting held in Al Liwan Cinema also approved the allocation of BD 170,000 in support of charitable and community causes as part of the Company’s Corporate Social Responsibility program.

The Company’s financial results and most important achievements over the past year were reviewed during the meeting, which was presided over by Seef Properties Chairman, Essa Mohamed Najibi, and attended by the Company’s Board Members, its Chief Executive Officer Ahmed Yusuf, Executive Management members, and representatives from the Ministry of Industry and Commerce, Central Bank of Bahrain, and Bahrain Clear.

The meeting reviewed the Company’s financial results and discussed its most significant achievements over the past year. Seef Properties reported a net profit attributable to the shareholders of BD 6.44M for the year ended 31 December 2023, compared with BD 6.20M in the previous year, an increase of 3.95%.

The value of the basic and diluted earnings per share attributable to shareholders of the parent for the financial year ended 31 December 2023 amounted to 14 fils, compared to 13.47 fils in the previous year. As for operating profit, the Company reported an increase of 17.36 per cent in 2023, reaching BD 13.95M, compared to BD 11.89M in the same period of the previous year.

Seef Properties Chairman Essa Mohamed Najibi stated, “Looking back on the achievements of 2023, we are pleased with the progress made across all areas of our business. As we move into 2024 and beyond, Seef Properties is keen to build upon the momentum, introducing new projects that will further enhance Bahrain’s retail, hospitality, and entertainment sectors.

These initiatives will play a crucial role in advancing the Kingdom’s growth, while aligning with the objectives outlined in Vision 2030. With a solid foundation and a clear vision, we are ready to embrace new opportunities, drive innovation, and deliver exceptional value to our stakeholders.” Seef Properties Chief Executive Officer, Ahmed Yusuf, said, “Seef Properties’ revenue growth, driven largely by rental income but also supported by our flourishing leisure investments, reflects Bahrain’s economic revitalization and our collective commitment to its progress.

Aligned with the Kingdom’s vision for growth, we offer world-class real estate, retail, and entertainment options, enhancing Bahrain’s appeal as a destination for both business and leisure. By partnering with new brands and introducing a diverse range of dining, fashion, and retail choices, we aim to enrich the shopping experience, providing citizens, residents, and visitors with a diverse mix of offerings.”