Flip through the latest issue of Gulf Weekly.
Reef - Real Estate Finance Company - announced a series of end-of-year results after its second annual general meeting for shareholders held at the Gulf Hotel, Bahrain.
The company reported double its operating revenues, going from just over BD 2.7 million last year to BD 5.5 million this year.
Reef also saw an 86.7 per cent increase in its net income, from last year's figures, to reach approximately BD 2.8 million in 2007. It was noted that the return on capital at the end of 2007 stood at 14 per cent, far surpassing the reported return of 7.5 per cent in the company's inaugural year of business.
Reef's board of directors chairman Ali Ahmed Al Baghli said, "We are very proud of the achievements Reef has accomplished in such a short time frame. Reef's core business of mortgage finance has provided greater returns for the company this year, and enabled Reef to build on the value contribution of its business model of building concrete alliances with property developers and industry service providers. Operationally, Reef is engaged in building up its internal competencies in terms of delivering customer service, speed, and quality, as pillars for the company's sustainability and long term development."
After discussion with shareholders Mr Al Baghli further stated, "Based on Reef's level of achievement in 2007, a seven per cent stock dividend is being distributed, increasing the company's paid-up capital at its year end."
Mr Al Baghli attributed Reef's overall performance to the diligence and dedication of a strong and dynamic team and extended his appreciation and thanks to each member of the team.
Reef's CEO Mahmood Al Koofi expressed his satisfaction with the company's results and performance, noting the in-house procedural development that supported this achievement. He further stated, "Reef's experiences to date will serve to enhance our performance in the future, and benefit us by setting a benchmark for even greater results."
The CEO also noted a positive outlook for the company in 2008, based on several strategic plans that are in the pipeline for implementation.
