Seef Properties AGM approves BD 6.9m cash dividends

TDT | Manama

Shareholders of Seef Properties (SEEF), an integrated real estate development company, announced approving cash dividends of 15 per cent, an equivalent of BD 6.9 million (15 fils per share). The decision came as Seef Properties held its annual general meeting held via videoconferencing from Bahrain Bourse Business Centre in Bahrain Financial Harbour. SEEF Vice Chairman Dr Mustafa Al Sayed chaired the meeting in the presence of board members and Chief Executive Officer, Ahmed Yusuf.

Among other decisions, shareholders approved the company’s financial results for the year ended 31 December 2019, transferring BD 1.1 m to the statutory reserve account, allocating BD 0.17m in support of charitable and community causes and transferring BD 2.5m as retained earnings for next year. The company reported a net profit to the shareholders worth BD 10.93 m, for the year ended 31 December 2019, compared with BD 10.91 m for the same period of the previous year, achieving an increase of 0.11pc. Gross revenue increased by 0.67pc in 2019, reaching BD 11.19 m, compared to BD 11.12 m in the same period of the previous year. As for operating profit for the year 2019, the Company reported an increase of 1.86pc, reaching BD 15.13 m, compared to BD 14.85 m in the same period of the previous year. Dr Mustafa Al Sayed attributed the positive results to the company’s capability to “control 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.”

Looking ahead, Chief Executive Officer, Ahmed Yusuf, said it’s opening Al Liwan Project in the fourth quarter of this year, a unique shopping and entertainment destination in the Kingdom. He added: “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 across the Kingdom. Commercial Malls will continue to be at the core of our operations, while simultaneously working on diversifying our investment portfolio.”