Reef Real Estate Finance Company has doubled its operating revenues from BD2.7 million ($7.27 million) in 2006 to BD5.5 million ($14.8 million) last year.

This was announced on Saturday after the company's second annual general meeting for shareholders at the Gulf Hotel.

Reef also saw an 86.7 per cent increase in its net income, to reach approximately BD2.8 million.

Return on capital at the end of last year stood at 14 per cent, surpassing the reported return of 7.5pc in the company's inaugural year of business.

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.'

'Based on Reef's level of achievement last year, a 7 per cent stock dividend is being distributed, increasing the company's paid-up capital at its year end.'

Al Baghli attributed Reef's overall performance to the diligence and dedication of a strong and dynamic team and accordingly extended his appreciation and thanks to each member of the team.

Reef's chief executive Mahmood Al Koofi expressed his satisfaction with the company's results and performance, noting the in-house procedural development that supported this achievement.

'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.'

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