Naseej BSC (c) holds its Annual General Assembly Announces rise in year-end profits to BD6.1 m
Manama, Kingdom of Bahrain: Naseej BSC (c), one of the Kingdom’s leading real estate and development companies, held its 8th Annual General Meeting at its headquarters at The Bahrain Financial Harbour. The meeting was chaired by Mr. Khalid-Abdulla Janahi Naseej’s Chairman of the Board, and Mr. Mohamed Khalil AlSayed, Managing Director and General Manager of Naseej Ahmed Al-Hammadi, and in the presence of fellow board members, shareholders and invited guests.
During the meeting, Mr. Janahi reported Naseej’s financial year-end results ending 31st December 2016, with a net profit of BD6.1m compared to BD5.9m recorded in 2015. He also announced that the General Assembly has approved the distribution of a cash dividend of BD5.4 million to the shareholders for 2016. In a statement made by the Chairman, where he said: "2016 was a successful year for Naseej as the Company continued to improve its financial position and strengthen its balance sheet amid challenging market conditions that prevailed.
On the other hand, we are also pleased to announce the successful completion of one of our real estate projects in Bahrain, Yasmeenat Saar located in Saar which demonstrated the Company’s ability in delivering real estate products of quality and high standards to the local market”. Speaking in further detail about Naseej’s financial results for 2016, the Chairman also added, “As for the company's financial results, we have achieved a net profit increase to BD6.1m which indicates a healthy position held by Naseej as it continues to achieve further growth. Furthermore, these results are a reflection of the Company's intelligent strategy to increase its profitability and strengthen its operational capital over the coming years. At the close of the year, Naseej’s total assets grew to BD158.8m, compared to BD148.3m in the previous year, which is also in line with the rise in total shareholder’s equity to BD132.2m, from BD126.2m over the same period of the previous year.
On this occasion, Mr. Janahi thanked the Company’s shareholders for their continued support and contribution in making Naseej’s corporate vision a reality. He also extended his gratitude to members of the Board for the expertise and professional knowledge in identifying key opportunities and investment projects that have steered Naseej to corporate success, in addition to his appreciation made to all of the Company’s employees for their hard work and efforts in performing Naseej’s objectives.
In a statement made by the Managing Director, Mr. Mohamed Khalil AlSayed, he said: "We are pleased to report Naseej’s net profits for 2016, achieving better growth rates which reflect the company’s planned strategy for growth and financial gain”. He also added, “Naseej will also continue to actively play a significant role in offering different types of real estate products to the market that cater for different social segments in Bahrain making our projects attractive to all.”
Mr. AlSayed added that Naseej’s pioneering Affordable Housing Public-Private Partnership with the Ministry of Housing has achieved several milestones despite all the challenges it has faced, and has completed a large number of units in both Al-Lawzi and Al Madina Al Shamalia.
Mr. AlSayed also went on to speak about the successful launch of Naseej’s latest project, “CanalView” saying that, "Our newest project, CanalView located in the Island Dilmunia, Muharraq is a mixed use development featuring luxury apartments to be built on a land size of over 13,000 square meters. The apartments offer spectacular views of the open Canal and main waterfall feature. The project also offers an excellent range of exclusive communal facilities and amenities that include, sporting and gym facilities, rooftop gardens, indoor and outdoor swimming pools, clubhouse, together with a wide range of retail and F&B outlets located on the podium level of the development.
Apart from that, Mr. AlSayed also highlighted the Company’s recent success in completing the Yasmeenat Saar project and ensuring that all the villas were handed- over to their respective buyers within the targeted timeframes and in accordance to construction milestones. He also praised the efforts of the teams working on the Project, saying that their hard work achieved great success in delivering this unique project as planned and as promised to the respective owners.
Mr. Ahmed Al Hammadi, General Manager of Naseej also made a statement during the meeting, saying that, “The Company has achieved its main objectives for the financial year ending 2016, and we are pleased to report that today. Looking ahead, we are excited to embark on a new year with the team at Naseej and more importantly on our latest and most ambitious project, “CanalView” located in the heart of Dilmunia. This project consists of a series of beautifully designed buildings being built on a raised two-level podium and offering 246 luxurious residential apartments of studio, One/two/three and 4 bedroom type apartments offered to the market on a freehold basis. The project will offer residents spectacular views of the main feature Canal and waterfall together with a wide range of retail, F&B outlets, cafes and restaurants all situated along the main waterfront side and featuring a 1.6km canal sidewalk that connect to the two footbridges. For more information about the Naseej’s financial results or details about its latest project CanalView in Dilmunia, please visit the www.naseej.bh or www.canalview.bh.
