Naseej income tops $11m

24/04/2012 08:46 AST

Naseej recorded a total income of BD4.1 million ($10.9m) in 2011 compared with BD3.5m the previous year.

The Bahrain real estate and infrastructure company is committed to affordable housing.

Total expenses increased to BD2.4m from BD1.2m the previous year.

At the end of 2011, total assets had grown to reach BD113.1m while total equity stood at BD112.6m.

"Naseej remains strongly capitalised, highly liquid and unleveraged," said chairman Khalid Janahi.

During the annual meeting, shareholders approved the election of a new board for the next three years.

Mr Janahi was reappointed as chairman, while Abdulkarim Bucheery was appointed vice-chairman.

Mr Janahi briefed the shareholders on the company's two initial property development projects.

First and most significant, was the appointment of Naseej by the government as a partner for the first social and affordable housing public-private-partnership in the Gulf.

This groundbreaking project will develop 4,100 social and affordable housing units over the next three years.

Mr Janahi congratulated the government for achieving this major milestone, through its commitment to provide Bahraini citizens with affordable homes, in partnership with the private sector.

He also praised the government's efforts to develop the kingdom's economy.

The Naseej management adopted a strict policy to strengthen the company's liquidity and minimise operating expenses, chief executive Christopher Sims said.

"These measures proved to be successful, with net profit for 2011 ending higher than originally forecast," he said.

"We are seeking regional investment opportunities in other GCC countries and in Morocco for the development of affordable housing projects that will provide a positive return for Naseej."

Gulf Daily News