News Details

Barwa  AGM approves  all items on the agenda

Barwa AGM approves all items on the agenda

05/03/2017

Doha, 5th March 2017

Barwa Real Estate Company held its Annual Ordinary General Assembly Meeting Sunday afternoon at 4:00 P.M in Salwa Hall- Sheraton Hotel- Doha, after attaining the required quorum with an attendance percentage of (67.28%). The meeting discussed and approved all the items listed on the agenda, including the Board of Directors' Report on company's activities and its financial position for the year ended 31/12/2016 and future plans for the year 2017, Auditors' report and Sharia Supervisory Board report, in addition to approving the financial results for the fiscal year ended 31/12/2016. Moreover, the General Assembly meeting   appointed the Auditors for the fiscal year 2017 and endorsed the recommendation of the BOD to distribute cash dividends of 25%, equivalent to QAR 2.50 per share.

During the Ordinary General Assembly meeting, the new members of the Board of Directors were elected for the next three years (2017-2019).  Nasser Ali G A AlHajri, representing Al-Adeed Real Estate investment Company, Nasser Sultan N Al-Hemaidi, Mohammed Aziz S Alsaad Alkuwari and Issa Mohammed L A AlMohannadi have joined the list of appointed members by Qatari Diar Real Estate Investment Company as the owner of the preferred share, including His Excellency the Chairman Mr. Salah Bin Ghanem Al Ali, Nabil Mohammed Albuainain (Board Member) and Abdullah Hamad Almusnad( Board Member).

The General Assembly meeting was chaired by Mr. Mohamad Abdelaziz Alsaad, Vice Chairman of the Board of Directors who presented to the shareholders the BOD report, including a full review of the company's achievements, its unified financial results in 2016 and its future plans. Mr Alsaad. stated that the Board of Directors has taken upon itself, during its term (2014-2016), the task of a full restructure of the Group to increase the return on shareholders' equity, and help prepare the Group to face the numerous challenges in the real estate market. This restructuring also contributed in reinforcing the Group's position and its financial indicators, in addition to increasing the shareholders' sustainable returns. Mr Alsaad. also highlighted the success of the company over the last three years in achieving:

 

• Approval of the 5-year business plan (2016-2020) which is considered to be the largest in the history of the company in terms of number and value of the projects which will be developed.


• Restudying all the projects, resulting in amending the design and best use of many of them to ensure the increase of their returns, such as Barwa Al Baraha project and the Warehouses project in Barwa Al Baraha.


• Exiting some low-revenue assets in return for significantly reducing the company's liabilities that has reflected positively on the financial position of the Group.


• Increasing coordination with the State regarding its real estate initiatives, clearly demonstrated in Madinat Al-Mawater project, Mustawdaat project and Al Khor Workers Sports Complex.


• Strengthening the asset base through the purchase of new assets with an expected rewarding return in order to achieve sustainable growth.


• Initiating the construction of many new projects in light of the new business plan, such as Dara A – Lusail Area, Madinat Al Mawater and Mustawdaat project.


• Refinancing of all the Group's banking facilities with favorable terms for new periods, ranging from five to nine years.


• Completing the development of many projects, including AlKhor project–Housing Complex of Shell Co. employees, AlKhor Workers Sports Complex and Labor accommodation in Barwa Al Baraha.


• Approval of new organizational structure of Barwa Real Estate and updating all relevant policies and procedures.


Mr Alsadd, briefly touched on some of the most remarkable achievements during the year 2016:


• In terms of financial performance, the company achieved a net profit attributable to the equity shareholders of the parent company of QAR 1,605 million and an EPS of QAR 4.13, compared with QAR 3,056 million and an EPS of QAR 7.86 during the year ended 31 December 2015. Noting that, after excluding the exceptional profit resulted from the sale of a land plot in Mesaimeer for QAR 2,702 million in 2015, the net profit attributable to the equity shareholders of the parent company for the year 2015 amounted to QAR 354 million compared to QAR 1,605 million for 2016, with an increase of 353%.


 

Mr. Mohamad Alsaad added that on the operational level, the Group has succeeded in increasing the net rental income worth QAR 48 million, an increase of 6% compared to 2015 and improving the net revenue from consultancy and other services by 5%. On the expenses side, the Group has decreased the general and administrative expenses by QAR 21.5 million equivalent to 8% compared to the fiscal year 2015 and decreased the net finance cost by QAR 7 million equivalent to 8%. Also, there was an increase in the equity attributable to the equity holders of the parent company by QAR 658 million, reaching the balance of QAR 18,229 million as of 31 December 2016.


• Enriching the asset base through the purchase of a land plot in Kingdom of Saudi Arabia with a total area of 2.2 million squaremeters.


• Fully operating Barwa AlBaraha - Labor accommodation project with a total of 64 buildings and a built up area of 504,751 square meters.


• Initiating the construction of many projects, including Madinat Al Mawater, Mustawdaat project and Dara in Lusail Area.


• Enhancing the operational efficiency of the current operating projects as the occupancy rate of most of the Group's owned projects exceeds 95%.

The Vice Chairman Mr. Alsaad highlighted the Company's activities with regards to Governance and risk management, stating 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.


The Vice Chairman stressed the significance of Human Capital as a main asset to achieve the Group's strategic objectives through developing and implementing various training schemes to enhance essential skills and efficiencies for Barwa employees. The team is also being enhanced through recruiting new experienced members and fresh graduates alike so as to secure a continued source of able personnel ready to take responsibility.



On Social Responsibility, Mr.Alsaad stated that the secret behind achieving sustainable growth lies in developing an integrated social structure. Thus, Barwa has always been keen on being a  leading contributor to the society's development through creating an architectural philosophy that goes beyond the simple principles of construction and aims to find creative residential solutions that serve the different social categories, especially medium-income one in order to combat the rising rents of housing units.  The Vice Chairman added that Barwa is also working on a close cooperation with the Government of Qatar, to implement a number of initiatives that contribute in achieving development and entrench the concept of citizenship. 

 

This, in addition to its continuous contribution to the Social and Sports Activities Support Fund  as well as continuous support for the families in need and  the elderly, and its aids for those living in troubled war zones. The total of Barwa's contributions reached approximately QAR 50 million for the year 2016.


The Vice Chairman has also presented the Company's future plans for the year 2017 citing the Group's objectives as follows:


Completing the construction and commencing operation of several projects, mainly: Mustawdaat Project and phase one of Madinat Al Mawater.


• Initiating the construction of many local projects such as Lusail Project which will be developed on a land plot of 3.4 million square meters, Barwa Al Baraha Project and Barwa Village Extension, in addition to many other projects waiting for final approval. The details of each of these projects will be announced in due time.


•   Working on acquiring all the necessary licenses to initiate the development of the land plot owned by the Group in Kingdom of Saudi Arabia that was purchased in year 2016 and has a total area of 2.2 million square meters.



• Continuing efforts to improve the performance efficiency of the Group's subsidiary companies.​

​​Continuous analysis of available investment opportunities in light of Business Plan in order to achieve sustainable growth and insure profitable revenues for the shareholders.

 

 

During the meeting, a discussion was opened and  the Vice Chairman and Mr. Salman Bin Mohammed Al Mohanndi, The Group CEO answered questions raised by the Company shareholders that mainly revolved around the financial results and Barwa  projects such as Lusail project, Barwa Al Doha and Madinat Al-Mawater.   

Appreciation

At the end of the meeting, Mr. Mohammed Alsaad Vice Chariman of the Board extended his gratitude to the wise leadership of H.H Sheikh Tamim Bin Hamad Al Thani, the Emir of the State of Qatar, His Excellency Sheikh Abdullah Bin Nasser Khalifa Al Thani, Prime Minister and Minister of Interior for their unlimited support of Barwa Group.  He also extended his gratitude to the company's shareholders and employees for their continuous support.

​​​​​​​​​​​​

Sign In

All fields with (*) are mandatory
Username *
Password *
 
 

Send To Friend

All fields with (*) are mandatory
Your Name *
Your Email *
Your Friend Email *
You can enter more than friend's email separated by " ; "
 

Alerts and Notifications

All fields with (*) are mandatory
Alert Title *
Alert Email *