Manama: Bahrain-based real estate developer Naseej reported a net profit of BD6.1 million for 2016 compared with BD5.9m recorded in 2015.
The general assembly has approved the distribution of a cash dividend of BD5.4m to the shareholders for 2016.
Chairman Khalid Abdulla Janahi, in a statement after the eighth general meeting at its headquarters at the Bahrain Financial Harbour, said: “The year 2016 was successful for Naseej as it continued to improve its financial position and strengthen its balance sheet amid challenging market conditions that prevailed.
“The increase in net profit indicates a healthy position held by Naseej, and reflects its intelligent strategy to increase profitability and strengthen the operational capital over the coming years.
“Naseej’s total assets grew to BD158.8m last year, compared with BD148.3m in the previous year, which is also in line with the rise in total shareholder’s equity to BD132.2m, from BD126.2m over the same period of the previous year,” Mr Janahi said.
“We are also pleased to announce the successful completion of one of our real estate projects in Bahrain, Yasmeenat Saar, which demonstrates the company’s ability in delivering real estate products of quality and high standards to the local market.”
Managing director Mohamed Khalil Al Sayed, he said: “Naseej will continue to actively play a significant role in offering different types of real estate products to the market that cater to different social segments in Bahrain making our projects attractive to all.”
“Naseej’s pioneering affordable housing Public-Private Partnership with the Housing Ministry has helped achieve several milestones despite challenges, and complete a large number of units in both Al Lawzi and Al Madina Al Shamalia.”
“Our newest project, CanalView, located in the Island Dilmunia, Muharraq is a mixed use development featuring luxury apartments to be built on a land of 13,000 square metres. The apartments offer spectacular views of the open canal and main waterfall feature.
“The project also offers an excellent range of exclusive communal facilities and amenities that include, sporting and gym facilities, rooftop gardens, indoor and outdoor swimming pools, clubhouse, together with a wide range of retail and F&B outlets located on the podium level of the development.
General manager Ahmed Al Hammadi said the company had achieved its main objectives for 2016.
“Looking ahead, we are excited to embark on a new year with the team at Naseej and more importantly on our latest and most ambitious project, CanalView.