Seef Properties, a leading real estate group in Bahrain, has posted a net profit of BD8.59 million ($22.7 million) last year compared with BD9.37 million in 2010.

The company's total assets grew marginally reaching BD119.26 million compared with BD114.08 million for the same period last year with the earnings per share valued at 19 fils compared with 20 fils in 2010.

The operating profit for 2011 was BD10.35 million after eliminating the one month rent relief provided to tenants against BD10.29 million the previous year.

The board has recommended to distribute cash dividend of 7.5 per cent to shareholders for the year 2011, subject to approval at the annual general meeting.

"Despite the challenging conditions in the Bahraini market throughout last year, we have succeeded in remaining profitable," said chairman Shaikh Abdulla bin Khalifa Al Khalifa.

"Our results reflect the soundness of our business strategy and pragmatic approach which have enabled us to strengthen our financial position and ensure sustainable growth for our shareholders.

"The strategy applied this year has been successful and is evident from the positive results we reported today," said general manager Robert Addison.

"I am confident that we will overcome all obstacles and will continue building on our successful track record and place ourselves in an even stronger position in the coming months."

The financial results for the year were based on overall performance of Seef Properties, which owns and manages Seef Mall, Isa Town Mall, Fraser Suites, Magic Island and a total of 800 retail units across 45 locations in Bahrain.-TradeArabia News Service