22/02/2017 07:35 AST
Seef Properties, a leading integrated development company in Bahrain, said it has registered a net profit of BD11.04 million ($28.3 million) for 2016, up 12.2 per cent over the previous year.
Announcing the financial results for the year ended on December 31, 2016 Seef Properties said its gross revenue surged 9.7 per cent to BD15.38 million from the previous year's BD14.03 million.
The consolidated net profit for the fourth quarter hit BD3.91 million compared to BD2.99 million posted in 2015, it added.
The group's gross revenue for the fourth quarter hit BD4.38 million, thus posting a 28 per cent jump over the same period in 2015, said the company at the end of a meeting held under the chairmanship of Essa Najibi today (February 21).
The Board of Directors also decided to recommend to the General Assembly to distribute a cash dividend of 14 per cent, equivalent to BD 6.44 million at BD 0.014 per share.
For the full year 2016, Seef Properties has posted operating profit of BD13.89 million compared to BD12.68 in 2015, which resulted in an increase of 9.5 per cent.
The Q4 2016 operating profit witnessed an increase of 27.3 per cent when compared to the fourth quarter of 2015 with the company reporting BD3.83 million in 2016 compared to BD3 million in 2015.
Over the same period, total assets witnessed tremendous growth of 14.6 per cent, reaching BD162.6 million for the year ending on December 31, 2016 when compared to BD141.94 posted in 2015.
Meanwhile, total equity of Seef Properties increased by 4 per cent from BD134.84 million as of December 31, 2015 compared to BD140.27 million at the end of last year.
On the performance, Najibi said: "We are happy to report another profitable year after achieving positive results in 2016. Revenues across all segments have increased during the year which resulted in an increase in the overall operating profit."
"Last year also was witness to two strategic decisions from Seef Properties - the acquisition of the shares of Haykala Investment Company in the Muharraq Mall Company and launch of a new real estate company to develop a BD40 million mixed-use project," he stated.
The acquisition of 22.5 per cent shares increased Seef Properties overall ownership to 72.5 per cent.
Najibi pointed out that both decisions were aimed at driving the medium and long-term return on investment for shareholders as well as to further reinforce the company's investment portfolio.
"We are confident about our future growth and development and maintaining our strong financial results as we focus on increasing investments across future projects that will further strengthen our portfolio. We aim to offer superior products and services based on the highest international quality standards to the public," said Najibi.
Commenting on the results, Seef Properties CEO Ahmed Yusuf, stressed that it was the culmination of the dedication and efforts exerted by the management team and employees.
"We have witnessed a great year, and on behalf of the board of directors, I would like to thank the team. The progress would not have been possible without the work of our dedicated team," he said.
"The financial results posted in 2016 bring us closer the implementation of our strategic objectives which is to create added and sustainable value through safe and lucrative investments based on corporate governance across all our investments and our business activities," stated Yusuf.
Seef Properties has adopted a long-term growth strategy based on the expansion and diversification of its investment portfolio in order to achieve competitive advantage and high returns, he added.
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