- Achieving net profit attributable to the shareholders of the parent company amounted to QR 804 Million.
- Rental income increased by 8%.
- Ongoing work on the development of the laborers housing project on Salwa Road, Dara A project, Warehouses project in Barwa Al Baraha, Barwa Village Extension project, and Phase two of Madinat Al Mawater.
- Tendering for the construction contracts of Phase Three of Barwa Al Baraha project and Phase Three of Madinat Al Mawater project during the second half of 2018.
- Maintaining sufficient cash balance to ensure the implementation of the investment strategy with a balance of QR 2Billion.
Doha – July 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 ended June 30, 2018. The results showed a net profit attributable to the shareholders of the parent company of QR 804 Million and earnings per share of QR 2.07, compared to a net profit of QR 912 Million and earnings per share of QR 2.34 for the same period of last year. The Group successfully enhanced its operating revenues through increasing its rental income by QR 51 Million representing an increase of 8% compared to the same period in 2017, 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. The Group aims to increase its operating revenues with the start of the operation of the new projects currently under construction that are expected to be completed in 2018, such as the Laborers' Housing 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's keenness to increase its sustainable returns to its shareholders through the continued growth of its portfolio of revenue generating assets and at the same time improving the efficiency of existing operational projects.
Barwa aims to increase its sustainable returns to its shareholders through increasing operational projects by making the best investment use of the Group's land bank in order to develop new projects such as the Barwa Village Extension project and the Dara A project. Moreover, The Company is finalizing plans to start the development of several projects including Phase Three of Barwa Al Baraha project and Phase Three of Madinat Al Mawater project. It is also keen on enhancing the partnership with the Government of the State of Qatar, to develop real-estate projects that contribute to fulfill the needs of Qatar's citizens and residents, and fulfilling the Group's role as the largest real estate developer in the country. This has been clearly demonstrated in several projects, including the laborers' housing project on Salwa Road, the Madinat Al Mawater Project and the Mustawdaat Project.
During the six months period ended 30 June 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' housing project on Salwa Road, the Barwa Village Extension project, the Dara A project, the Baraha Warehouses project and Phase Two of the Madinat Al Mawater project.
- Maintaining a cash balance amounting to QR 2 Billion that is sufficient to cover the Group's operations and to support the execution of its investment strategy.