- Achieved a net profit attributable to the shareholders of the parent company of QR 804 million.
- Achieved a total revenue for the period of QR 1,624 million; including recurring operating revenue of QR 1,153 million, exceeding 70% of the revenues
- Net profit attributable to the shareholders of the parent company for the three month ended 30 September 2019 amounted QR 294 million, compared to QR 279 million for the same period of last year
- Total assets amounted to QR 31.5 billion, with an increase of QR 1.1 billion compared to 31 December 2018
- Total equity attributable to the shareholders of the parent company amounted to QR 19.2billion.
- Leasing started in Mukaynis Compound in Salwa Road, and in Al Baraha Workshops & Warehouses
- Commencement of construction works in Madinat Mawater Phase 3
- Maintaining cash balance of QR 1.4 billion
Doha – 28 October 2019: Barwa Real Estate Group, one of the leading real estate and investment companies in Qatar and the region, announced its results for the period ended on September 30, 2019.
The results showed a net profit attributable to the shareholders of the parent company of QR 804 Million and earnings per share amounted to QR 0.21 reflecting a decline compared to the same period of the previous year. The decline was a result of a decrease in the revenues from items that non-recurring in nature such as the sale of properties, gain on debt restructure in addition to the adoption of International Financial Reporting Standard 16. However, the net profit attributable to the shareholders of the parent for the three months ended 30 September 2019 was QR 294 Million compared to QR 279 Million for the same period of the previous year representing an increase of 5%.
The Group successfully generated a total income of QR 1,624 Million including recurring revenue amounting to QR 1,153 Million which exceeded 70% of the total revenues.
Total assets amounted to QR 31.5 Billion showing an increase of QR 1.1 Billion compared to the total assets at 31 December 2018. The Equity attributable to the shareholders of the parent amounted to QR 19.2 Billion. The Group maintained a cash balance of QR 1.4 Billion.
Despite the challenges currently facing the real estate market, Barwa Real Estate Group is working to strengthen its operating revenues through enriching its operational real estate portfolio with a number of new projects. Leasing activities already commenced in a number of Barwa's recent developments such as:
- Mukaynis Compound - Affordable Housing Project:
The project is located on Salwa Road, the project is developed on two plots with a total area of 1,179,114 Sqm. The built-up area is 732 K sqm. and construction cost of QR 1.6 billion.
The project includes 3,170 residential units with 25,360 rooms in addition to retails units, hypermarket and mosques. In July 2019, Barwa Real Estate started leasing activities through its subsidiary Waseef Asset Management Co. in preparation for the completion of its full implementation during the fourth quarter of 2019.
This project is one of the fruits of cooperation between Barwa Real Estate Company and the Government of the State of Qatar with the aim of strengthening the efforts exerted by the Government to improve the conditions of workers 'accommodation and meet the needs of the local market for workers' housing in line with the objectives of Qatar National Vision 2030 and Qatar's preparations to host the 2022 World Cup.
- Al Baraha Workshops & Wahrehouses:
The project is phase two of Barwa Al Baraha's project, this phase includes 561 warehouses with an area of 300 sqm each and 118 workshops with an area of 144 sqm each. The total construction area of the project is about 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 for workshops 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 located in a prime location in the Industrial Area (zone 91).
Developmental works are still on-going in some of Barwa projects, such as:
1. Dara (A) project:
Located within the City of Lusail offering 271 apartments ranging from one to three rooms and this project is in the final stages of delivery.
2. Phase two of Al Khor Recreation Facilities
Offering 516 residential units with a total built-up area of 53,639 square meters, in addition to a hypermarket and a multi-purpose hall. Barwa have announced the award of the contract for the construction of phase two of the project during 2018 at a value of QR 105 million.
3. Phase Three of Madinat Mawater:
It's considered as an extension to the development of phases 1 &2. Phase 3 offers 118 used car showrooms, 352 residential units, hypermarket, vehicles service center, spare parts center and one agency showroom. The construction work started on 1st August 2019 to develop Vehicle Service Center buildings.
Barwa is working currently on the completion of the designs and investment plans for a number of its real estate development projects, whose construction works are expected to commence soon, such as:
- Phase three of Barwa Al Baraha, a project that offers residential units, commercial units, offices, in addition to a hypermarket, a clinic and a mosque
- Second phase of Umm Shahrain Warehouses Project, which will offer warehouses, service centres, repair and maintenance workshops for heavy vehicles as well as commercial units and residential units for workers
Barwa Real Estate 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 the development of sustainable returns. Barwa is also keen to strengthen the principle of partnership with the Government of the State of Qatar to create real estate development projects to meet the needs of citizens and residents and contribute to the achievement of Qatar National Vision 2030 and also meet the needs for organizing of the World Cup 2022 in order to fulfill the role of the group as one of the largest real estate developers in Qatar.
