News Details

Barwa announces financial results for the year ended December 31, 2017

Barwa announces financial results for the year ended December 31, 2017

08/02/2018

• Recommendation to distribute cash dividends to the shareholders of the company by 25%.

• Net profit attributable to the shareholders of the parent company amounted to QR 1,705 million.

• Completion and start of the operations of phase one of Madinat AlMawater and also the start of operations of Barwa AlKhor - housing staff project for Shell Employees.

• Leasing of the entire Mustawdaat Project for 10 years and a half with a total value of QR 755 million.

• The Group's real estate portfolio has grown to include 6,639 housing units, 12,706 worker rooms and 265,000 square meters of shops, showrooms and offices.

• Initiating the construction of the affordable housing project for laborers on Salwa Road, Barwa Village Extension project, Phase two of Madinat AlMawater and Warehouses and Workshops project in Barwa AlBaraha with an overall total construction cost of QR 1,610 million.

• Enhancing the operational real estate portfolio during 2018, with 806 housing units, 25,360 rooms for workers and 314 thousand square meters as rental space for showrooms, warehouses, workshops, offices and shops.

• Maintaining sufficient cash balances to cover the Group's operations and to cope with fluctuations in the finance markets with a balance of QR 3.1 billion.

 

Doha, February 2018

Barwa Real Estate Group, one of the leading real estate and investment companies in Qatar and the region, announced its results for the financial year ended December 31, 2017. The results showed a net profit attributable to the shareholders of the parent company amounted to QR1,705 million and earnings per share  amounted to QR 4.38 with an increase of QR 100 million, representing 6% increase compared to the year ended 31 December 2016. The Group has succeeded in enhancing its operating revenues through increasing its net rental income by QR 140 million, an increase of 18% compared to 2016 as a result of the increase in occupancy rates of Barwa AlBaraha – Workers Accommodation and start of the operations of several new projects during the year such as Shell's staff housing project and phase one of Madinat AlMawater. Also, the net revenue of consultancy services and other services increased by QR 85 million. The improvement in  the Group's operating revenue  was reflected in the total equity attributable to the equity holders of the parent company which increased by QR 695 million reaching the balance of QR 18,923 million as of 31 December 2017. The total assets increased by QR 599 million while the Group's liabilities decreased by QR 181 million.

H.E. Mr. Salah Bin Ghanim Al Ali, Chairman of the Board of Directors, said that the results of the Group represents the beginning to reap the benefits achieved during recent years in which the current and former Boards have worked on developing, following up and supporting new project development plans, in addition to continuing to enhance the operational efficiency for the current operating projects in order to maximize the benefit of the Group's assets as it has a diversified real estate portfolio of properties including housing units, workers' housing, warehouses, offices, shops and showrooms. Moreover, the Group has over 5.5 million square meters of land plots inside Qatar and the Executive Management is currently developing its own investment plans in order to achieve the sustainable growth.

His Excellency stressed that the Board of Directors will make every effort to cooperate with the Executive Management to pursue the developmental path of the Group and put Barwa in its real position as the largest developer in the Qatari real estate market. He also stressed that the Group's objective is to achieve the maximum returns to its shareholders without ignoring its role as one of the pillars of the ongoing comprehensive development in our beloved country in all fields under the sponsorship and support of His Highness Sheikh Tamim Bin Hamad Al Thani, the Emir.

Mr. Salman Bin Mohammed Al Mohannadi, Group Chief Executive Officer, explained that the financial year 2017 witnessed many achievements in spite of the siege conditions and the obstacles resulting from it. However, thanks to God and the wisdom of our wise government and the means and precautions taken to counter the impact of the siege,  Barwa has managed to overcome these obstacles and had many important achievements, including, for example, but not limited to:

• Completion of the construction of phase one of Madinat Al-Mawarat Project and the start of its operations and also the start of operations of Barwa AlKhor - housing staff project for Shell employees.

• Leasing of the entire Mustawdaat Project for 10 years and a half with a total value of QR 755 million.

• The Group's real estate portfolio has grown to include 6,639 housing units, 12,706 worker rooms and 265,000 square meters of shops, showrooms and offices.

• Initiating the construction of the affordable housing project for laborers on Salwa Road, Phase two of Madinat AlMawater and Warehouses and Workshops project in Barwa AlBaraha. This is in addition to the ongoing progress on the construction of Barwa Village extension Project, Dara (A) in Lusail and other projects, which upon completion, will add the following to the Group's operational portfolio:

- 806 housing units,

- 25,360 rooms for workers,

- 314 thousand square meters as rental space for showrooms, warehouses, workshops, offices and shops.

• Ongoing work on the master plans and designs for many projects, including but not limited: Dara B-F project in Lusail, Barwa AlDoha project and Lusail Golf project.

• Maintaining sufficient cash balances to cover the Group's operations and to cope with fluctuations in the finance markets with a balance of QR 3.1 billion.

 

 

 


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