- Essa Najibi: We look forward to a new year in which we will accomplish further achievements and consolidate our relationship with our partners in success.
- Ahmed Yusuf: Al Liwan promises high optimism to strengthen the Company’s financial and operational position, as it has become a promising tourist and entertainment destination in a short period of time.
Seef Properties B.S.C. (trading code: SEEF) (“Company”), held its Ordinary Annual General Meeting on 28 March 2023 at Awal Hall in the Gulf Hotel, to discuss and approve the items on the agenda.
The Company’s financial results and most prominent achievements over the past year were reviewed and discussed during the meeting, which was presided over by Seef Properties’ Chairman, Mr. Essa Mohamed Najibi, and held in the attendance of the Company’s Board Members, as well as its Chief Executive Officer, Mr. Ahmed Yusuf.
The Ordinary Annual General Meeting approved the financial results for the year ended 31 December 2022 and the recommendations of the Board of Directors, which included the distribution of cash dividends to the shareholders of 8%, an equivalent of BD 3.68 million (8 fils per share), and the allocation of BD 170,000 in support of charitable and community causes as part of the Company’s Corporate Social Responsibility programme.
Seef Properties reported a net profit attributable to the shareholders of BD 6.20 million for the year ended 31 December 2022, compared with BD 5.02 million for the previous year, which is an increase of 23.46%. The value of the basic and diluted earnings per share attributable to shareholders of the parent for the financial year ended 31 December 2022 amounted to 13.47 fils, compared to 10.91 fils in the previous year. As for operating profit for the year 2022, the Company reported an increase of 16.69%, reaching BD 11.98 million, in comparison with BD 10.26 million in the same period of the previous year.
On the occasion of convening the Ordinary Annual General Meeting, Seef Properties Chairman Mr. Najibi, stated: “During 2022, the Company was keen to sustain the momentum of its business model in the real estate development, management of commercial centres , entertainment, and hospitality sectors, based on the gains achieved throughout its journey that spans more than two decades of excellence, leadership and success. We look forward to a new year in which we will accomplish further achievements, while continuing our tireless efforts to consolidate our relationship with our partners in success; our valued shareholders and customers, and our full awareness of their requirements, making us prepared to record better financial and operational results at all times.”
Mr. Najibi added: “The year 2022 witnessed the opening of one of the biggest projects of Seef Entertainment at Al Liwan; ‘Yabeela’, which is the largest and newest entertainment centre in the Kingdom of Bahrain. ‘Yabeela’ constitutes a milestone in the Company’s financial and operational activity during the past year, and is an additional and strong source of income that significantly contributes to achieving an increase in the Company’s revenues for the financial year ended 31 December 2022. The new centre will have a great impact on enhancing the Company’s revenues for the coming years and strengthening the position of Seef Entertainment in the family entertainment industry in the Kingdom.
We will continue to move steadily towards realising further financial and operational achievements to lead our work fields across the Kingdom, supported by the remarkable improvement in Bahrain’s economic work environment, and the positive reflection of all national efforts and innovative government initiatives on the performance of companies in the private sector.”
For his part, Seef Properties Chief Executive Officer Mr. Ahmed Yusuf, said: “The Company continues to enhance its operational performance with an innovative set of projects in its portfolio, with commercial centres continuing to attract more prestigious brands, many of which are entering the Kingdom of Bahrain for the first time through Seef Malls and Al Liwan. This is attributed to the strategic locations and modern facilities it boast, to meet the needs of investors and businesses who wish to expand their client base in the Bahraini market, despite the high competition between commercial centres, which proves the excellence of Seef Malls and Al Liwan in providing an exceptional shopping experience.”
Elaborating further, Mr. Yusuf said: “Al Liwan promises high optimism to strengthen the Company’s financial and operational position, as it has become a promising tourist and entertainment destination for a large segment of citizens, residents and visitors in a short period of time, especially citizens and residents of the Kingdom of Saudi Arabia, while it also built a good reputation among neighbouring countries. This year will witness the opening of Al Liwan Cinema, which will also have a significant impact on the Company’s operational activity and enhance its remarkable contribution to the field of entertainment. Seef Properties continues its activity in providing real estate management services, such as providing comprehensive management services for ‘Souq Al Baraha’ project in Diyar Al Muharraq, while the Company is studying a number of opportunities to expand in this field in several areas throughout the Kingdom.”
It is noteworthy that Seef Properties won several prestigious international awards for Al Liwan project, namely: the award for the best engineering design for a mixed-use project in the Kingdom of Bahrain for the second consecutive year, as part of the Arabian Property Awards (Africa and Arabia) 2022-2023, which was awarded by the International Organisation for Real Estate Awards in the United Kingdom, the award for the best mixed-use real estate development project in the Kingdom of Bahrain as part of the Arabian Property Awards (Africa and Arabia) 2021-2022, and the best commercial real estate project for the year 2021 award from Middle East Economic Digest (MEED).