Seef operating profit rises 9.7pc

Manama:  Seef, the leading integrated development company yesterday announced financial results for the year ended 31 December 2015 reporting  a 9.7 per cent increase in its operating profit to BD12.69 million from BD11.56m in 2014. Consolidated net profit after considering valuation gain was BD9.84m compared to BD10.82m in 2014. 

Shareholders during the Annual General Meeting (AGM) also endorsed the recommendation of the Board of Directors for a cash dividend of 12pc, equivalent to BD5.52m at BD 0.012 per share.

“We are currently in the final stages of evaluating a number of investment opportunities and we aim to announce the commencement of the projects during 2016,” the Vice Chairman, Sager Shaheen said commenting on the results.

“Overall, we are happy to report yet another profitable year. Revenues across all segments have increased during the year which resulted in an increase in the overall operating profit. We have also been able to transform the Company quite dramatically since its inception.  Today we have a much stronger brand, a more diversified portfolio and have increased the total Gross Lettable Area. Overall, this has resulted in a much stronger capital base with a higher level and quality of earnings,” he added.

“Our long-term strategy is to focus on growth by expanding and diversifying our portfolio to leverage our competitive strengths and maximise economies of scale. Despite the challenges and economic outlook, we are continuously looking for valuable investment opportunities. This stems from our belief; that during challenges opportunities arise,” he said

Headquartered in the Kingdom of Bahrain, Seef was launched in 1999 as a publicly listed company with over 450 assets across Bahrain.