Naseej posts $12m income in 2012
Manama, June 6, 2013
Bahrain-based Naseej, a fully-integrated real estate and infrastructure company, has reported total income of BD4.47 million ($11.85 million) for last year as against BD4.15 million in 2011.
The company's total expenses decreased to BD1.92 million from BD2.38 million in the previous year, according to a report in the Gulf daily News, our sister publication.
At the end of last year, total assets had grown to BD115.9 million, while total equity had increased to BD115.2 million.
The financials were reported by managing director and acting chief executive Mohammed Khalil Alsayed during the company's fourth annual general meeting yesterday at the Capital Club, Bahrain Financial Harbour.
"Last year was challenging but productive... Naseej remains strongly capitalised, highly liquid and unleveraged," Alsayed said.
"We are now looking at realising some of the attractive investment opportunities that we have identified in the GCC, Middle East and North Africa, and Europe. Looking ahead, we remain cautiously optimistic about the prospects for Naseej this year and beyond.
"The government is pushing ahead with its reform programme, and successfully pursuing initiatives to generate improved economic growth; while the real estate market is exhibiting tentative signs of recovery," he said. – TradeArabia News Service