- Net profit attributable to the shareholders of the parent company amounted to QR 414 Million with an increase of QR 9 million over the same period last year.
- Total assets exceeded QR 31.4 billion.
- Total equity attributable to the equity holders of the parent exceeded QR 18.8 Billion.
- Starting construction works on the third phase of Madinat Al Mawater at a total construction cost of QR 335 million
- Ongoing work on the development of Affordable Housing project for laborers - Salwa Road, Warehouses and Workshops project in Barwa Al Baraha, Dara A project in Lusail area and Al-Khor Sports Facilities' expansion project.
- Maintaining a cash balance of QR 1.5 billion.
Doha – April 2019:
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, 2019. The results showed net profit attributable to shareholders of the parent company of QR 414 million and earnings per share amounted to QAR 1.06 compared to QAR 405 million and earnings per share amounted to QAR 1.04 for the same period last year and an increase of QAR 9 million equivalent to 2%. The total assets of the Group exceeded QR 31.4 billion and the shareholders' equity of the parent company exceeded QR 18.8 billion in addition to maintaining an available cash balance of QR 1.5 billion.
In spite of the challenges currently facing the real estate market, BARWA is working to consolidate its operating revenues in 2019 by completing the development of some of the projects under development which will contribute to the development of the Group's operational real estate portfolio. These projects include the following:
1. Affordable Housing project for laborers - Salwa Road with construction area of 735,039 square meters at a construction cost of QR 1,295 million. The project includes 3,170 8-room residential houses in addition to shops, hypermarkets and mosques. Barwa Real Estate has started leasing the project as part of its preparations for completion.
This project is one of the fruits of the cooperation between Barwa Real Estate and the Government of the State of Qatar in order to strengthen the efforts exerted by the Government to improve the housing conditions of the workers and meet the needs of the local market for the housing of the workers in line with the objectives of Qatar National Vision 2030 and Qatar's preparations for hosting the 2022 World Cup.
2. Warehouses and Workshops project in Barwa Al Baraha, which includes 561 storerooms with an area of 300 square meters per store and 118 workshops with an area of 144 square meters per workshop. The total area of the project is approximately 187 thousand square meters in addition to the development of the infrastructure and all the necessary services for the project. The importance of this project stems from providing suitable spaces and warehouses for small and medium sized companies. It will also provide mechanical and electrical workshops to meet the needs of the market. In addition, the project is placed in a distinctive location in the Industrial Area (zone 91).
3. Dara (A) Project, which is located within Lusail area and includes 271 apartments ranging from one to three rooms.
4. Al-Khor Sports Facilities' expansion project, which includes 516 apartments with a total construction area of 53,639 square meters, as well as a hypermarket and multi-purpose hall. Barwa has announced the award of the contract for the construction of the project in 2018 at a value of QR 105 million.
In addition, the development activities will continue in many other projects such as the third phase of Madinat Al Mawater at a construction cost of QR 335 million. The total construction area is 167,072 square meters and includes used car showrooms, apartments, shops, workshops and integrated car-service center, as well as, a vehicle spare parts complex, a car dealership showroom, a Hypermarket and a Mosque.
Barwa is currently working on the completion of the designs and investment plans of several projects, which are expected to put their bids in 2019, including:
- Barwa Al Baraha Project Phase Three, which includes apartments, shops, offices, a hypermarket, a clinic and a mosque.
- Umm Shehrein expansion project, which will include service centers and workshops for maintenance and repair of trucks in addition to shops and apartments for the employees.
- Barwa City Phase Three, located in the Mesaimeer area, the project will include residential apartments and a commercial mall connected to the metro station, as well as schools and mosques.
In addition to these projects, BARWA will continue to study the Group's available land bank to determine its optimal utilization, in a way that support the Group's financial position and contribute to sustainable revenue growth. Barwa is also keen to strengthen the partnership with the Government of Qatar to create real estate development projects that contribute to meet the needs of citizens and residents in order to fulfill the role of the group as one of the largest real estate developers in the country.