Naseej held its Annual General Meeting on Tuesday, 29th June 2021 over the virtual network.
The AGM was chaired by the Chairman Sh. Hamed Mohammed Al Khalifa along with the Managing Director, Mr. Mohammed Khalil AlSayed and General Manager Mr. Ahmed Al Hammadi.
The Chairman reported a net profit of BD1.2 million for the financial year ending 2020, which marks a positive financial result for the 11th consecutive year since Naseej's inception.
Despite a highly challenging economic and market backdrop, the Company reported a net income of BD1.2m (compared with BD3.05m in 2019). This reflects the cyclical nature of business activities, with real estate projects averaging between three and five years from planning to handover.
A comprehensive revaluation of the Company’s assets was conducted during the year, in line with market conditions. At the end of 2020, total assets stood at BD107.6m, with shareholders’ equity at BD90.7m. Based on its financial reporting, the Board declared a cash dividend distribution of 1.6% (BD1.38m) for the financial year.