"Barwa Real Estate Group, one of the leading real estate and investment companies in Qatar and the region, announced yesterday its financial results for the financial period ended 30 September 2013. The group's results showed a net profit of QR 467 million, with QR 1.2 per share, compared to QR 779 million and QR 2.00 profit per share for the period ended 30 September 2012.
In spite of the delay in finalising some deals, which resulted in reducing the net profit compared to the period in comparison, yet the group continues to improve operations proficiency and accordingly increase rental profit by 31%. The group succeeded in cutting down costs and expenses, which is represented in reducing general and operating costs by 9%, and keeping a steady volume of operational expenses despite the increase in rental profit in comparison with 30 September 2012.
Barwa Real Estate Group is now focusing on the completion of some deals including the selling of some assets to Qatari Diar as well as the selling of a land in Lusail area. Those deals are expected to have a great positive impact on the group’s current and future results, and will positively reflect on the reduction of financing debts, in addition to helping the group to complete its ongoing developments and look for new investment opportunities with high profit, aiming to achieve Barwa sustainable growth strategy, increase the group’s scope and bring in better returns for shareholders."