Seef Properties' AGM approves BD 4.09 million cash dividends, elects new Board of Directors
Chaired by Seef Properties Chairman, Mr. Essa Mohamed Najibi, the meeting was attended by the Company's Board Members, Chief Executive Officer Mr. Ahmed Yusuf, other Executive Management team members, and representatives from the Ministry of Industry and Commerce, the Central Bank of Bahrain, Bahrain Bourse, and Bahrain Clear.
The Ordinary Annual General Meeting approved the financial results for the year ended 31 December 2024 and the recommendations of the Board of Directors, which included a 9% cash dividend distribution to shareholders, amounting to BD 4.09 million (9 fils per share), and the allocation of BD 170,000 towards charitable and community initiatives under the Company's Corporate Social Responsibility programme.
Seef Properties reported a net profit attributable to the shareholders of BD 5.61 million for the year ended 31 December 2024, compared to BD 6.44 m in the previous year, reflecting a 12.94% decline.
The basic and diluted earnings per share attributable to the parent company's shareholders stood at 12.26 fils for the financial year ended 31 December 2024, down from 14.00 fils in the previous year.
Operating profit for the financial year ended 31 December 2024 reached BD 12.32 m, marking an 11.70% decrease from BD 13.95 m in the previous year. The Ordinary Annual General Meeting saw the election of a new Board of Directors, with nine members elected for a three-year term, and the remaining position appointed by the Social Insurance Organization.
Essa Mohammed Najibi, Sattam Sulaiman Al Gosaibi, and Mohammed Ebrahim Al Bastaki were re-elected, Anwar Mohamed Ali Murad, Zayed Ali Rashed Al Amin, Majed Abdulla Al Khan, Ahmed Habib Ahmed Kassim, Sara Khalil Nooruddin, and Ahmed Al Mutawa were elected, while Sahar Rashed Al Mannai was appointed by the Social Insurance Organization.
Seef Properties Chairman Mr. Essa Mohammed Najibi stated: 'As we move forward, we remain committed to developing projects that drive Bahrain's economic growth in line with Bahrain Vision 2030, while exploring new opportunities to strengthen our industry leadership."
Seef Properties Chief Executive Officer Mr. Ahmed Yusuf said: 'We continue to consolidate our market presence by expanding across the real estate, retail, hospitality, and entertainment sectors, in line with our commitment to Bahrain's economic growth. By attracting leading global and regional brands, we enhance the appeal of our projects and create premium, diverse shopping experiences. Widening our partnerships and investments portfolio, we aim to deliver exceptional experiences that exceed the expectations of residents, visitors, and businesses alike.'
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