The Al Seef Real Estate Company announced. (Trading code on the Bahrain Stock Exchange: Seef) on its financial results for the financial year ending on December 31, 2024, including the results of the last quarter of the year 2024. The company recorded clear profits and a comprehensive income for the shareholders of the parent company with a value of 1.41 million Bahraini dinars during the last quarter of the year 2024 , For 1.59 million Bahraini dinars in the same period last year, a decrease of 11.09%. This decline is due to factors related to the implementation of the company’s plan to develop its financial and real estate assets.
The basic share of the arrow from the profits belonging to the shareholders of the parent company in the last quarter of 2024 reached 3.08 fils, compared to 3.45 fils in the same period last year. The value of the operating profits of the company amounted to 3.10 million Bahraini dinars during the last quarter of the year 2024, compared to 3.54 million Bahraini dinars in the same period last year, a decrease of 12.39%.
The company recorded clear profits and a comprehensive income of the shareholders of the parent company with a value of 5.61 million Bahraini dinars for the financial year ending December 31, 2024, compared to 6.44 million Bahraini dinars in the same period last year, a decrease of about 12.94%.
The share of the basic and lower share of the profits belonging to the shareholders of the parent company during the financial year ending on December 31, 2024 to 12.26 fils, compared to 14.00 fils in the same period last year.
While the value of the company’s operating profits reached 12.32 million BD for the financial year ending on December 31, 2024, compared to 13.95 million Bahraini dinars in the same period last year, a decrease of 11.70%. The total shareholders ’rights (after excluding the rights of the minority) registered an increase of 0.48% for the financial year ending on December 31, 2024 to reach 161.85 million Bahraini dinars, compared to 161.08 million Bahraini dinars in the same period last year.
As for the total assets, it witnessed a decrease of 1.04% to reach 177.14 million Bahraini dinars for the financial year ending on December 31, 2024, compared to 178.99 million Bahraini dinars last year.
Based on these financial results, the Board of Directors decided to raise a recommendation to the General Assembly of the shareholders to distribute cash dividends at 9% of the nominal value of the share, which is equivalent to 9 fils per share and a total of 4.09 million Bahraini dinars after deducting the treasury shares, and allocating 170 thousand dinars Bahraini donation and community service.
Commenting on these results, the Chairman of the Board of Directors of the Al Seef Real Estate Company, Issa Mohamed Najibi, said: “We are pleased to announce the financial results for the year 2024, which witnessed an important achievement that confirms the effectiveness of the operational sword real estate strategy and the flexibility of its business model despite the challenges that prevailed in the market. Among the most important achievements During the past year, the company set up a strategic alliance to develop a multi -use project in Dammam, which represents the first regional expansion In the history of the company.
This step will contribute to strengthening the company in the real estate sector and will open the way for new opportunities to grow at the region level.
Besides, our projects in the hospitality and entertainment sectors continued their strong performance, and the year witnessed the launch of the Fraser Switz -Liwan, which succeeded in establishing its position as a distinctive and high -level hospitality destination in the Kingdom. The company also strengthened its presence in the retail sector and continued to diversify its investment portfolio and develop its current projects, which contributes to the consolidation of our pioneering position at the forefront of the best performance in the Kingdom.
Mr. Najbi stressed the company’s commitment to achieving sustainable growth that is in line with the national trends, saying: “The sword real estate company is proud to launch one of the largest solar energy projects in the Kingdom in the past year, which represents an important strategic step towards enhancing energy efficiency and rationalizing it and reducing the carbon fingerprint in the country.
This project comes within the framework of our firm commitment to support sustainability and adopt renewable energy solutions, in line with the Bahrain Economic Vision 2030 and United Nations sustainable development goals. This investment also reflects our keenness to apply the latest technologies to enhance operating efficiency and rationalize energy on the long term, ensuring a more sustainable and green future for future generations. “
Mr. Najbi added: “On this occasion, I would like to extend my sincere thanks to the esteemed Bahrain government and the Ministry of Tourism for their continuous support to us, and we affirm our commitment to support its initiatives aimed at increasing the country’s tourism flows. For the company’s sustainable success.
For his part, the CEO of Al Seef Real Estate Company, Ahmed Youssef, said: “During the year 2024, the company continued to implement its strategies aimed at strengthening its position in the market and consolidating its attractiveness to trade signs. Our efforts have contributed to improving the base of tenants by attracting new local and global brands, which strengthened the diversity of our projects and their competitiveness in the retail sector, and we were keen to provide an integrated business environment that promotes long -term growth by providing modern facilities and services that are in line with the requirements of the market permanent development and change .
Youssef added: “During the year 2024, the two sectors of entertainment and hospitality formed two basic elements in our strategy to enhance the attractiveness of our projects and attract new segments of visitors and tenants, and we are constantly working on developing vibrant destinations that provide exceptional experiences that meet the aspirations of customers and keep pace with accelerated transformations in the sector, and we are keen to upgrade facilities Entertainment in our projects by providing new and innovative concepts It adds more value and reinforces its attractiveness as integrated destinations that combine shopping, entertainment and a modern lifestyle. “
