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Barwa announces its financial results for the period ended 31 March 2018

Barwa announces its financial results for the period ended 31 March 2018

25/04/2018

  • Net profit attributable to the shareholders of the parent company   amounted to QR405  Million.
  • Increasing Non-Qatari investors' shareholding limit to 49%.
  • Rental income increased by 11%.
  • Completing the construction of Mustawdaat Project
  • Ongoing work on the development of the Affordable Housing project for laborers - Salwa Road, Dara A project, Warehouses and Workshops project in Barwa Al Baraha, Barwa Village Extension project, and Phase two of Madinat Al Mawater.
  • Tendering for the construction contracts of Dara B-F project, Barwa Al Doha project, Barwa's project in Lusail City during 2018.
  • Maintaining sufficient cash balance to ensure the implementation of the investment strategy with a balance of QR 2.5 Billion.

 

 

Doha, April 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 period ending March 31, 2018. The results showed a net profit attributable to the shareholders of the parent company of QR 405 Million and earnings per share of QR 1.04, compared to a net profit of QR 479 Million and earnings per share of QR 1.23 for the same period of last year. The Group successfully enhanced its operating revenues through increasing its net rental income by QR 34 Million representing an increase of 11%, despite the decrease in net profit for the period compared to the same period in 2017, resulting from the decrease in profits of non-recurring items such as property valuation gains and other income.  The Group aims to increase its operating revenues with the start of the operations of the projects currently under construction that are expected to be completed in 2018, such as the Laborer Accomodation Project on Salwa Road, Phase 2 of Madinat Al-Mawater, the Barwa Village extension project and the Dara A project.

The Group's results reflect Barwa keenness to increase its sustainable returns to its shareholders through the continued increase of its portfolio of revenue generating assets and at the same time improving the efficiency of existing operational projects. Barwa's strategy for the development of new projects is based on two streams. The first one includes enhancing the principle of partnership with the Government of the State of Qatar, out of commitment to fulfill the Group's role as the largest real estate developer in the country. This is clearly demonstrated in several projects, including the laborers' accomodation project on Salwa Road, the Madinat Al Mawater Project and the Mustawdaat Project. The second stream is making the best investment use of the Group's land banks such as the Barwa Village Extension project and the Dara A project. Moreover, Barwa is finalizing plans to start the development of the Dara B-F project, the Barwa Al Doha Project and the development of Barwa's land in Lusail City, which extends over an area of 3.4 Million square meters.

 During the three months period ended in 31 March 2018, Barwa accomplished a number of key achievements, including:

 

  •   Increasing the rental income
  • Completing the construction of Mustawdaat Project
  • Ongoing work on the development of the laborers' accommodation project on Salwa Road, the Barwa Village Extension project, the Dara A project and the Baraha Warehouses and Workshops project
  • Maintaining a cash balance amounting of QR 2.5 Million that is sufficient to cover the Group's operations and to support the execution of its investment strategy.

 

The board of directors of Barwa Real Estate announced their intention to convene an extraordinary general assembly to look into the board's proposal to approve increasing the Non-Qatari shareholding limit from 25% to 49%, in view of Qatar Exchange's vision to enhance Qatar's financial market to become a regional financial center attractive to international investments.

Proceedings to implement the above in accordance with applicable laws and regulations will begin upon obtaining the necessary approvals of the Ministry of Commerce.


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