Manama: Bahrain-based real estate developer Naseej reported a net profit of BD5.9 million ($15.7m) for 2015, an increase of 74 per cent compared with BD3.4m for 2014.
“The results reflect Naseej’s capability to maintain its organisational profitability by strengthening its operational capital and further growing its total assets to BD148.3m by the close of 2015, compared with BD124.6m in 2014,” chairman Khalid Abdulla Janahi said.
This comes in line with a higher total shareholder equity recorded at BD125.6m, up from BD120.3m in 2014.
“Despite the current global economic climate and the existence of numerous economic challenges seen on both global and domestic fronts, we are pleased to announce Naseej’s excellent financial performance for the year 2015, achieving excellent growth in net profits, representing a true reflection of the company’s policy to protect it against such potential threats,” managing director Mohammed Khalil Alsayed said.
Speaking about Naseej’s financial results, general manager Ahmed Al Hammadi said that the company has successfully achieved its goals for 2015 and is now moving ahead with its plans for the year as it also embarks on its new venture Canal View, a luxurious mixed-use development located in Dilmunia Island, Muharraq.
He said the company has acquired a plot of land within the location and is close to revealing the new and detailed masterplan for Canal View. The project, consists of a series of multi-storey buildings, residential apartments, retail shops, restaurants and cafes, open spaces and landscaped gardens all overlooking the main feature of the project being the scenic canal. This project will be available for freehold purchase very soon.