MANAMA: Shareholders of Seef Properties have approved the distribution of cash dividends of 6 per cent, equivalent to BD2.76 million (6 fils per share).
The announcement follows the annual general meeting yesterday where approval was also given to the transfer of BD1.863 million as retained earnings for next year, the allocation of
BD170,000 in support of charitable and community causes as part of the company’s corporate social responsibility programme, and the payment of BD225,000 as remuneration for board members for the financial year 2021.
The meeting saw review and discussion of the company’s financial results and most prominent achievements over the past year.
It was presided over by Seef Properties’ vice chairman Dr Mustafa Al Sayed and attended by board members, the chief executive Ahmed Yusuf, other members of senior management and representatives of the Industry, Commerce and Tourism Ministry, Central Bank of Bahrain, Bahrain Bourse and Bahrain Clear.
Seef Properties reported a net profit attributable to the shareholders of BD5.02 million for 2021, compared with BD4.52m for the previous year, which is an increase of 10.91pc.
The meeting also witnessed the election of the company’s new board of directors, with the following members formally elected: Fouad Al Mutawa, Essa Najibi, Sattam Al Gosaibi, Abduljalil Janahi, Yusuf Al Hammadi, Hamed Mashal and Fuad Ali Taqi.
Additionally, Dr Mustafa Al Sayed, Eman Al Murbati and Mohammed Al Bastaki were reappointed by the major shareholders to occupy the remaining three (3) seats on the board.
Dr Al Sayed said: “During 2021, the company was able to record positive financial results despite the unprecedented circumstances imposed by the pandemic over the past couple of years. This was realised due to the relentless dedication of the company’s staff and its business model, which is primarily based on diversification of its income sources.
Seef Properties continued its balanced strategic policies to secure the interests of its shareholders and customers. This approach, coupled with our determination to mitigate the impacts of the pandemic on our main activities via the exploration of profitable business opportunities to further secure the company’s liquidity and solvency, contributed to achieving the best possible financial and operational performance.”
Dr Al Sayed added: “In 2022, the company will continue its sustainable endeavours to increase its asset base by diversifying its investment portfolio and establishing additional partnerships aimed at building a strong base to serve the interests of shareholders and customers.”
Mr Yusuf said: “We are delighted to announce promising operational results for the Company’s business operations during last year, simultaneously with the gradual return to normality in the hospitality, entertainment and retail sectors, as we witnessed near-normal operational levels in hotel apartments and longer periods of operation in family entertainment centres.
He added: “Seef Properties announced a new real estate activity last year involving the provision of comprehensive real estate management services, having entered into an agreement with Diyar Al Muharraq for such services in respect of Souq Al Baraha. This step comes as part of the company’s efforts to diversify its income sources”
As for the latest developments in developed by Seef Properties, Mr Yusuf said the Al Liwan mixed-use project in Hamala, on a total area of 122,000sqm, will be formally inaugurated this year.
Its occupancy rate currently exceeds 77pc and the project continues to attract more prestigious regional and international brands, many of which are entering the kingdom for the first time through Al Liwan, he added.
“This year will also witness the announcement of the new entertainment centre in Al Liwan, which will be the largest of its kind.”
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