· Barwa's AGM distributes 25% cash dividends. · Al-Ali: Completion of the implementation and commencement of the operation of the second phase of Madinat Al Mawater and the expansion of Barwa Village project. · Al-Ali: Development of the real estate portfolio of the group to include 7,232 residential units and 12,706 housing units for workers.
The Ordinary and Extraordinary General Assmbly Meeting of Barwa Real Estate Company Q.P.S.C. was held on Wednesday, 20th March 20, 2019, at Scarlet Ballroom – Millennium Plaza Doha Hotel, with an attendance of 62.86%. During the meeting, all agendas of the Ordinary General Assembly were discussed. The Board of Directors 'report, the financial statements of the Group for the fiscal year 2018, the auditors' report, the report of the Shari'a Supervisory Board and the Corporate Governance report were presented and approved. A cash dividend of QR 2.5 per share was approved and the members of the Board of Directors were absolved on any liability and their remuneration was determined and the meeting ended with the appointment of auditors for the financial year 2019.
During the meeting, His Excellency Mr. Salah Bin Ghanem Al Ali reviewed the Board of Directors' report, which included a comprehensive presentation of the company's activities, performance and consolidated financial statements for 2018 as well as its future plans.
His Excellency pointed out that the financial year 2018 witnessed the continuation of the Group's success in enhancing its operating income and financial position. The company has worked to maximize the returns on the Group's assets and to achieve sustainable development without forgetting the role of Barwa as one of the pillars of development in the beloved State of Qatar.
Barwa's business plan includes several strategic axes, the most important of which can be summarized as follows:
· Increase cooperation with the Government of the State of Qatar by continuing to develop new projects that meet the needs of the country from different real estate sectors and achieve the target return of the group.
· Development of the real estate portfolio with new projects through the development of the best investment plans for the development of the Group’s land bank, the area of those lands, which are located within the State of Qatar total 5.8 million square meters
· Working on the improvement of the performance of existing operational projects, as Barwa has a diversified real estate portfolio including residential units, workers' housing, warehouses, offices, shops and showrooms.
In terms of financial performance, His Excellency pointed out that the company has achieved a net profit attributable to the shareholders of the parent company amounted to QR 1,915 million and an EPS of QR 4.92 with an increase of QR 210 million, representing 12% increase compared to the year ended 31 December 2017. He also said that the Group has succeeded in enhancing its operating revenues through increasing its rental income to QR 1,271 million and an increase of QR 27 million over the year 2017. The Group also succeeded in generating profits from sale of a property and construction services amounting to QR 373 Million.
On the operational side, His Excellency Mr. Salah Bin Ghanem Al-Ali noted the following:
• Maintaining an available cash balance of QR 1.04 Billion.
• Completion and start of the operations of phase two of Madinat Al Mawater and also the start of operations of Barwa Village Extension project.
• The Group's real estate portfolio has grown to include 7,232 residential units, 12,706 worker rooms, 295,891 square meters of shops, showrooms and offices and 260,959 square meters of workshops and warehouses.
• Initiating the construction of the expansion project of Al-Khor Sports Facilities, with a total built-up area of 53,639 square meters and a construction cost estimated at QR 105 million.
• Completion of the work on the affordable housing project for laborers on Salwa Road, Dara (A) project in Fox Hills Zone in Lusail City and phase nine of Al Khor project.
• Improving the operational efficiency of the Group’s current projects where the occupancy rate in most of them exceeds 95%.
In terms of governance, systems and risk management, His Excellency Mr. Salah Bin Ghanem Al Ali stressed that Barwa Real Estate emphasizes the importance of promoting and spreading a culture of openness and transparency in its commercial and administrative transactions through ensuring the highest levels of compliance with Corporate Governance Code of Listed Companies, as regulated by Qatar Financial Markets Authority. Barwa Real Estate Group considers corporate governance one of the main pillars that form the guiding framework of its operational, administrative activities and dealings with all stakeholders.
His Excellency Mr. Salah Bin Ghanem Al Ali pointed out the importance of human capital to to achieve the Group's strategy and objectives and to achieve Qatar Vision 2030 by raising the percentage of Qatarization and attracting the best national cadres with various scientific and professional experiences and encouraging the work team to work on creativity and excellence and provide renewable ideas and problem solving through various development and training programs.
On the social responsibility side, he noted that Barwa seeks sustainable development through the development of an integrated community structure and through the development of a range of projects that meet the needs of different community groups, and on the other hand, the creation of other real estate solutions in partnership with the Government to facilitate the implementation of development plans in a record time in Qatar. Barwa also works to raise security and safety levels in all of its projects to ensure the safety of employees and clients. Barwa is also cooperating with the General Directorate of Civil Defense in the Ministry of Interior to sponsor the awareness events that target various segments of society.
This is in addition to our contributions to the Social and Sports Support Fund in the State and supporting and sponsoring the activities of National Day 2018 as it believes in the role of these celebrations in establishing national identity. As well as contributing to the sponsorship of national cultural activities, in addition to the ongoing charitable contributions for the benefit of humble families and elderly care and also entertainment activities for workers. The total of contributions reached approximately QR 53.2 million for the year 2018.
Group’s Future Plan 2019:
His Excellency also pointed out that the Group has many future plans for 2019:
· Initiating the rental of residential and commercial units in Affordable Housing Project for Laborers on Salwa Road and Dara (A) project in Fox Hills Zone in Lusail.
· Completing Warehouses and Workshops project in Barwa Al Baraha and the expansion project of Al Khor Sports Facilities and Al-Khor project (phase nine).
· Upon completion of ongoing projects, it is expected to add the following to the Group's operational portfolio by the end of 2019:
- 4,067 residential units,
- 573 warehouses and 135 workshops,
- 32,399 square meters as rental space for showrooms, offices and shops.
• Initiation of work on the implementation of the third phase of Madinat Al Mawater project and the third phase of Barwa Al Baraha project.
• Ongoing work on the master plans and designs for many projects, including but not limited: the expansion of Um Shehrein warehouses project and Lusail Golf Land project.
• Continuing the efforts to improve the performance efficiency of the Group’s subsidiary companies.
Furthermore, the Group will continue to analyze available investment opportunities in light of our Business Plan in order to achieve sustainable growth and ensure profitable revenues for our shareholders.
Finally, His Excellency Mr. Salah Bin Ghanem Al Ali expressed his sincere thanks and appreciation for the support of the wise leadership of His Highness Sheikh Tamim Bin Hamad Al Thani, the Emir of the State of Qatar, and His Excellency Sheikh Abdullah Bin Nasser Khalifa Al Thani, Prime Minister and Minister of Interior. He also extended his gratitude to the company’s shareholders and employees, for their continuous support to achieve the goals which serve the interest of the country and its citizens.At the end of the Ordinary General Assembly Meeting, the Extraordinary General Assembly Meeting was postponed to be held on Wednesday 27/3/2019 due to lack of quorum.