Seef District: The shareholders of Seef Properties during annual general meeting (AGM) on Tuesday approved the payment of the cash dividends of BD5.06 million for the year 2014.
In his report to the shareholders, the Chairman, Essa Mohamed Najibi, announced results which show a marked increase on the company’s 2013 performance with gross revenue rising 2.7% to BD12.52million and net profit increased 7.9% to BD10.82million.
These excellent results were recorded during a year when the company was engaged on a number of major initiatives. The renovation of Magic Island and the completion of the external restaurant project at Seef Mall Seef, combined with the final stages of Seef Mall Muharraq, contributed to a year of significant progress.
“The year 2014 witnessed landmark achievements for Seef Properties. Not only did we implement a number of major projects which will impact significantly in our bottom line in 2015, but our existing business lines performed extremely well compensating for delays in some projects and producing excellent financial results. That is a very creditable achievement,” Najibi, said.
“We anticipate 2015 will be a very good year for Seef Properties as we realise the financial contribution of our 2014 investments and I would like to take this opportunity of thanking His Majesty, King Hamad bin Isa Al Khalifa, His Royal Highness Prince Khalifa bin Salman and His Royal Highness, Prince Salman bin Hamad Al Khalifa, the Crown Prince and Deputy Prime Minister for their continued support. I would also like to put on record my thanks and appreciation to the directors, shareholders Management and staff for their hard work which has contributed to our success.”
At the conclusion of the AGM, Najibi announced a rebranding of Seef Properties, to reflect the strength and ambitions for growth of the Company. Seef Properties will trade under the name of SEEF and with a new logo.
“We decided some time back that the Seef Mall logo and the Seef Properties logo were too similar and the public did not differentiate between the Malls and the Corporate Identity. We rebranded the Malls in October 2013 and now we have rebranded the corporate side of the business,” Robert Addison, Seef Properties General Manager, said.
“We decided on a simple one word identity that retained its links with the previous name but chose a new style that reflects the strength of our business and represents our core values of excellence, integrity and creativity. The logo derives from the Arabic letter ‘S’ and reflects a forward looking business and we continue to grow.”