Seef Properties has successfully concluded its Annual General Meeting (AGM) yesterday, March 31 2013, where it approved a nine per cent cash distribution to its shareholders at the rate of BD 9 fils per share and an allocation of BD 830,000 to the statutory reserve announced by Sheikh Abdulla bin Khalifa Al Khalifa, Chairman of the Board of Directors of Seef Properties.
The AGM also approved the allocation of BD 172,500 as remuneration for the Board of Directors and BD 150,000 for Corporate Social Responsibility related activities including donations, supporting local charity, social and sport activities, while BD 2.9 million was kept as retained earnings for the coming year.
The AGM was held in the presence of board members, Government officials and representatives from major shareholders of Seef Properties, including the General Organization for Social Insurance, Royal Charity Organization, Kuwait Finance House (KFH), Al Bayan Group, and Bahrain Islamic Bank (BIsB).
Seef Properties reported a jump in its annual operating profit at BD 11.9 million compared to BD 9.8 million in 2011, an increase of BD 2.1 million (21.4%) The company’s assets also grew from BD119.2m in 2011 to BD123.9m in 2012. The total equity has increased to BD117.98m compared to BD113.16m in 2011.
Sheikh Abdulla said during the annual general meeting that the Management with the full support of the Board of Directors has achieved many positive results in the current term. “As ever, the future will pose more challenges for the Company as it seeks to grow and to expand into new territories. However, with continuity amongst the Board and the Executive we know we can meet these challenges and create increased value for our shareholders’”.
“We have successfully re-established Seef Mall as Bahrain’s in the hearts and minds of the Bahrain population and we will now embark on the next phase of our strategy which is to make Seef Properties a major real estate investor in the GCC. We have strengthened our position in the local market with our involvement in a BD20 million project in Muharraq where we have already leased the 4000 sqm supermarket to Geant. This is just one of a raft of new initiatives
that will be revealed during the year.. In the near future Seef Properties will announce a revamped and fresh new corporate identity which will serve as a better indicator of our personality and history as a company.” commented Robert Addison, Seef Properties General Manager.