Manama, Bahrain – 18 May 2016: First Bahrain Real Estate Development Company today held its Annual General Meeting (AGM) for the year ended 31 December 2015, in which the company announced a net profit of USD 1.1 million for the year, representing 56% growth over the prior year.
First Bahrain, a leading Kuwaiti real estate development company, today announced a 10% share dividend, distributing KD 2,120,996 of its retained earnings proportionally amongst its shareholders. The distribution is the final step in the successful implementation of corporate restructuring effort which reset the paid up capital to KD 23,330,960. The company, founded in 2005, is one of the few developers to have weathered the 2008 global financial crisis with positive historical earnings.
In a move affirming its strong commitment to the local market, Kuwaiti real estate developer First Bahrain Real Estate Development Company K.S.C. today announced the appointment of distinguished Bahraini businessman Mr. Waleed Ahmed Alkhaja as its new Chairman for a term of three years. The appointment demonstrates the shareholders focus on Bahrain and their clear optimism with regards to the local property market.
First Bahrain Real Estate Development Company (“First Bahrain”) yesterday held its Annual General Meeting (AGM) for the year ended 31 December 2013. In the meeting, the Company announced several milestones, which included the successful completion of its first industrial facilities development, a 400,000 square foot facility consisting of seven buildings, specially designed to support the needs of small to medium sized enterprises, and the amicable resolution of an outstanding debt with former shareholder, Housing Finance Co. (ISKAN).