Seef Properties, a leading real estate group in Bahrain, said its net income for 2010 increased by 33 per cent to hit BD9.37 million ($24.8 million) compared to BD7.05 million ($18.6 million) the previous year.

The company recorded positive financial gains in 2010 with its total assets growing by five per cent in 2010 to reach BD114 million from BD108.9 during the same period last year.

The earnings per share also increased to 20 fils compared to 15 fils for the same period in 2009, the company said at its annual general meeting (AGM) on Wednesday convened in Fraser Suites.

Top government officials and representatives from major shareholders of Seef Properties attended, including the General Organisation for Social Insurance, Royal Charity Organisation, Kuwait Finance House (KFH), Al Bayan Group, and Bahrain Islamic Bank (BIsB).

The attendees were updated on Seef Properties’ activities and financial performance for the past year, in addition to the future direction of the company.

Speaking at the AGM, Seef Properties chairman Sheikh Abdulla bin Khalifa Al Khalifa said: “The year 2010 has been one of most challenging years due to the continuing effects of the economic downturn, but Seef Properties has managed to register significant positive growth and profit despite adverse market conditions.”

Seef Properties GM Robert Addison, said the company had a solid strategy which the new management team was focused on implementing in 2011, to help further strengthen its leading position within the market.

"Whilst we intend to explore other areas for growth, our immediate focus is on our principal asset. The retail market is resilient as it forms a part of the social fabric of the country, and our efforts to make Seef Mall the top destination for families to shop, eat and enjoy time together will continue.”

Seef Properties launched its BD2.5 million refurbishment plan in January, part of a plan designed to completely overhaul and update the look and feel of its landmark property, Seef Mall, the official said.

The upgrade aims to attract a wider consumer base to Bahrain’s original family mall and bolster its competitive standing in the retail market, he added.-TradeArabia News Service