Doha - April 2017
Barwa Real Estate Company, one of the leading real estate and investment companies in Qatar and the region has announced its financial results for the period ended 31 March 2017. The results have showed a net profit attributable to the shareholders of the parent amounted to QAR 479 million, and earnings per share amounted to QAR 1.23 compared to net profit amounted to QAR 651 million and earnings per share amounted to QAR 1.67 for same period in 2016. The decrease in the net profit resulted from the decrease in the profits resulted from few non-recurring items like revaluation gain from investment properties and other income. However, the group has succeeded to enhance its operating income by increasing its net rental income by QAR 38 million with a 20% increase compared to the same period of the year 2016. The group has also succeeded to decrease the general and administrative expenses by 6% compared to the same period of 2016.
The financial results of the group reflect Barwa's concern of moving forward towards achieving its objectives of achieving sustainable growth for its shareholders through support its asset database via new operational projects, and at the same time to work on enhancing the operational efficiency of current operating projects. In addition to that, Barwa is working on enforcing the principle of partnership with the State of Qatar through developing a number of projects such as the Mustawdaat project and Madinat Al Mawater project.
During the first quarter of the year 2017, Barwa was able to accomplish a number of key achievements including:
- Increase in the rental income despite the overall decrease in leasing rates in the market
- Commencing the operation of the Shell employee housing complex
- Commencing the development of Barwa Village expansion project with a construction cost of QAR 63 million, and built up area of 34.4 thousand square meter
- Ongoing progress in the construction of Mustawdaat and Dara A projects
- Near finish of phase one development of Madinat Al Mawater project and huge turnout rate for leasing.
- Development of Phase two of Madinat Al Mawater project shall start in the second quarter of 2017 with a total built up area of 35.6 thousand square meter.
- Increase the cash balances for the Group to cover the group financial needs and implement the investment strategy with a total value of QAR 3.7 billion.
- Launching the new website of the Company.