• The Chairman of the Board of Directors:
- The year 2023 was a fruitful year for our national economy and the real estate sector, maintaining its position as the second fastest-growing sector after the energy sector, contributing to enhancing diversity and comprehensive economic growth.
- Barwa Real Estate succeeded in achieving profits from rentals, service revenues, property sales, and investments amounting to QAR 1.736 billion, with the majority coming from net rental revenues, which totaled QAR 1.447 billion.
- Barwa Real Estate succeeded in rationalizing its various expenses, such as reducing general and administrative expenses by 1.4%.
- Our projects, "Madinatna" and "Argentine Neighborhood" witnessed significant demand from tenants despite being recently offered for lease in the market, contributing to enhancing the Group's rental revenues.
- The construction works for the third phase of the "Madinat Mawater" project will be completed during the fourth quarter of the current year 2024.
- We have prepared a strategic plan for the year 2024 that outlines all the broad lines of work, based on three axes that represent the fundamental pillars of Barwa Real Estate's future directions.
- We look forward to further achievements to ensure the maximization of shareholders' rights, the balance of the group's asset portfolio, and the consolidation of the principle of strategic partnership with the government of the State of Qatar.
Doha, March 5, 2024: Barwa Real Estate Group held its Ordinary General Assembly meeting this evening following the completion of the necessary legal quorum, which reached (52.93%).
The meeting, held at the Millennium Plaza Hotel, was attended by the Chairman of the Board of Directors, board members, the CEO of Barwa Real Estate, the auditor, and representatives from the Ministry of Commerce and Industry (Companies Control).
During the assembly, the Board of Directors' report on the company's activities and financial position for the financial year ended December 31, 2023, was approved, along with the company's future plan for the year 2024. Additionally, the auditor's report on the financial statements for the year 2023 was approved, as well as the appointment of auditors for the financial year 2024 and the determination of their fees. The assembly also approved the Shariah Supervisory Board report for the year 2023 and the appointment of a Shariah Supervisory Board for the financial year 2024. Furthermore, the general budget of the company and the profit or loss account for the financial year ended December 31, 2023, were adopted.
The Ordinary General Assembly of the company also approved the Board of Directors' proposal to distribute cash dividends of 0.18 Qatari Riyals per share, equivalent to (18%) of the nominal value of the share for the fiscal year ended December 31, 2023. Additionally, the assembly discharged the members of the Board of Directors and determined their bonuses, approved the Corporate Governance Report, and confirmed the company's compliance with Qatar Financial Markets Authority regulations regarding corporate governance laws, as well as its compliance with the internal controls for preparing financial reports for the previous year.
National Economic Growth
During the Ordinary General Assembly meeting of Barwa Real Estate Group, Mr. Abdullah bin Hamad bin Abdullah Al Attiya, Chairman of the Board of Directors, reviewed the Board's report, which included a comprehensive presentation of the company's activities, performance, and consolidated financial statements for the year 2023, as well as its future plans.
His Excellency stated, "The year 2023 was a fruitful year for our national economy, as it continued to grow steadily, driven by positive developments in various sectors, including the real estate sector, which maintained its position as the second fastest-growing sector after the energy sector, contributing to enhancing diversity and comprehensive economic growth."
Positive Financial Results
His Excellency added, "In light of this positive economic growth, Barwa Real Estate was able to achieve outstanding results during the year 2023, thanks to its successful strategies and its ability to adapt to local and global economic changes." His Excellency explained that the Group's net profit for the year 2023 amounted to QAR 1.229 billion, representing an increase of 8% over 2022, with earnings per share growing to QAR 0.32 per share. The total assets of the Group reached QAR 37.5 billion.
His Excellency also mentioned that the Group succeeded in achieving profits from rentals, service revenues, property sales, and investments, amounting to QAR 1.736 billion, with the majority coming from net rental revenues, which totaled QAR 1.447 billion. This reflects the level of planning and effort exerted at all levels within the Group to enhance sustainable growth in operating revenues.
Cost Rationalization
Regarding cost rationalization, H.E. the Chairman of the Board of Directors stated: "In addition, Barwa Real Estate succeeded in rationalizing its various expenses, such as reducing general and administrative expenses by 1.4%. Furthermore, the sale of Lusail City land for QAR 6.3 billion resulted in profits of QAR 471 million. A total of QAR 3.6 billion was collected from the sale price during the year 2023, which was fully utilized to accelerate the repayment of part of the group's financing, which will contribute to reducing financing expenses."
Achievements in 2023
As for the achievements of Barwa Real Estate in 2023, His Excellency Chairman of the Board of Directors of the Group explained that the year 2023 brought new distinctive marks in the local real estate market, with Barwa Real Estate continuing to lead the Qatari market. His Excellency said, "This required all of us to put forth our efforts, knowledge, and experience more than ever before to fulfill our duties in supporting the state's needs to contribute to maintaining the state's legacy in organizing the 2022 FIFA World Cup."
His Excellency added, "We all know what Barwa Real Estate has contributed to shaping the real estate legacy of this major global event, through the new projects in Al Wakra, " Madinatna" and "Argentine Neighborhood," which provided an exceptional residential experience for FIFA World Cup fans and visitors. After the events, leasing operations for individuals and companies began, and both projects witnessed significant demand from tenants, whether families or workers, despite being recently offered for lease in the market, contributing to enhancing the Group's rental revenues."
His Excellency also mentioned that Barwa Real Estate has also made significant progress during 2023 in developing the third phase of the "Madinat Mawater" project, where it completed all construction works to develop a dedicated car services center as the first part of this phase. The completion rate in the second part of the third phase reached about 78%.
Future Plans
Regarding the future plans of Barwa Real Estate, His Excellency the Chairman of the Board of Directors said: "In line with these efforts, we have prepared a clear strategic plan for the year 2024, which has been carefully and meticulously developed, outlining all the broad lines of work for us. This plan is based on three axes that represent the fundamental pillars of Barwa Real Estate's directions during the coming period."
His Excellency added: "In the first axis, we will continue to work on increasing revenues by increasing occupancy rates in real estate projects, in addition to benefiting from operating returns and maintenance services for Qatar Schools project (First Package). We also aim to work on master plans and feasibility studies for many new projects on the company's existing lands."
His Excellency further explained that the second axis will be achieved through rationalizing expenses to achieve maximum benefit, while the third axis involves enhancing the company's brand and improving the efficiency of the institutional system.
His Excellency also mentioned that Barwa Real Estate will continue its work to improve the satisfaction of shareholders and customers with performance, by providing the best types of services with international quality at competitive prices that satisfy the aspirations and expectations of customers. Additionally, the company will continue to contribute to national and social initiatives.
His Excellency said to the shareholders: "As a Board of Directors, executive management, and all employees of the company, we are working hard to be worthy of the trust you have placed in us, and we are committed to achieving the desired goals towards sustainable growth and the development of profitable returns for the company's shareholders."
Strategic Partnership with the Government
His Excellency the Chairman of the Board of Directors of Barwa Real Estate also expressed his sincere thanks and deep appreciation to Barwa Real Estate Group for the support of the wise leadership of His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar – may Allah protect him – and His Highness Sheikh Abdullah bin Hamad Al Thani, the Deputy Emir. He also thanked His Excellency Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, the Prime Minister and Minister of Foreign Affairs, for his diligent efforts. He also thanked the shareholders of Barwa Real Estate for their continuous trust and support, saying: "We look forward to further successes and distinguished achievements for Barwa Real Estate to be a distinguished synonym for the development, operation, and management of real estate assets, to ensure the maximization of the rights of the shareholders and the balance of the group's asset portfolio and to consolidate the principle of strategic partnership of the group with the wise government of the State of Qatar."
