Manama: Seef, a Bahrain-based integrated development company, is in the final stages of evaluating a number of investment opportunities and commencement of some projects is expected to be announced this year, it has emerged.
The company’s vice-chairman Saqer Shaheen told shareholders during the annual general meeting (AGM) yesterday that despite the challenges and economic outlook, it was continuously looking for valuable investment opportunities.
“Our long-term strategy is to expand and diversify the portfolio leveraging competitive strengths and maximising economies of scale as we believe during challenges opportunities arise,” he added.
The publicly listed company has more than 450 assets across Bahrain, including Seef Malls in Seef District and Muharraq.
Held at Fraser Suites in Seef District, the AGM saw shareholders approval of the recommendation of the board of directors for a cash dividend of 12pc, equivalent to BD5.52m at BD0.012 per share.
“Overall, we are happy to report yet another profitable year,” said Mr Shaheen.
“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.
The operating profit increased by 9.7pc from BD11.56m in 2014 to BD12.69m last year while the consolidated net profit after considering the valuation gain was BD9.84m compared to BD10.82m in 2014.
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