Seef Properties, a leading real estate development company in Bahrain, has announced plans to distribute 15% cash dividends for the last year 2018, to its shareholders.
According to senior officials at Seef Properties at the company’s annual general meeting held at Fraser Suites, Seef District, the dividends, which amount to BD0.015 per share, are worth a total of BD6.9 million ($18.2 million).
The company posted a full-year net profit of BD11.12 million, while its operating profit surged to BD14.85 million in 2018 compared to BD15.16 million the previous year, a slight decrease of 2.07%.
The company’s operating profit for Q4 2018 amounted to BD3.82 million compared to BD3.7 million for the same period in 2017.
Seef Properties was able to increase its customer base despite the difficult conditions faced by various sectors on a regional level.
Seef Properties strive to strengthen its position in the Bahrain real estate sector by developing mixed-use projects and establishing a strong business identity with a diversified business portfolio by focusing on other sectors that contribute significantly to the national economy.
The year 2018 witnessed progress for Seef Properties on its upcoming waterfront project, which is located between the two bridges of Muharraq and Manama and seeks to further strengthen the kingdom’s position as an attractive tourist hub in the region.
The project will significantly contribute to the growth of the kingdom’s real estate sector, as well as the national economy as a whole.
Seef Properties developed ‘Liwan’, a unique mixed-use development project in Hamala which combines residential, retail and entertainment elements.
The project, which is set for official launch in the fourth quarter this year, will attract visitors from within the kingdom as well as neighbouring areas.