- Proposal to distribute a cash dividend of 25 % to the shareholders
- Net profit attributable to the shareholders of the parent company amounted to QR 1,915 Million, an increase of 12% compared to 2017.
- Rental income increased to QR 1,271 Million.
- Total assets exceeded QR 30.3 Billion.
- Total equity attributable to the equity holders of the parent exceeded QR 19.3 Billion.
- Completion and start of the operations of phase two of Madinat Al Mawater project and the Barwa Village Extension project.
- Start of the construction work at Al-Khor Sports Facilities's expansion project and continuing work on the Affordable Labour Housing project (Salwa Road) and the Warehouses and Workshops project of Barwa Al Baraha.
- Availability of a cash balances amounting to QR 1.04 Billion.
Doha, February 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 year ended 31 December 2018. The results showed a net profit attributable to the shareholders of the parent company of QR 1,915 Million and earnings per share amounted to QR 4.92 showing a growth of QR 210 Million equivalent to 12% compared to the year ended 31 December 2017.
As a result of the Group's strong financial results, the Board of Directors of Barwa Real Estate Company proposed to the General Assembly the distribution of a cash dividend of 25% (QR 2.5 per share).
The Group successfully improved its operating revenues by increasing its rental income to reach QR 1,271 Million representing an increase of QR 27 Million compared to 2017. The Group also succeeded in generating profits from sale of a property and construction services amounting to QR 373 Million.
The increase in the operating results of the group reflected positively on the total equity attributable to the shareholders of the parent, which increased by QR 422 Million to a total of QR 19.3 Billion. On the other hand, total assets increased by QR 588 Million to exceed QR 30.3 Billion.
H.E. Mr. Salah Bin Ghanim Al Ali, Chairman of the Board of Directors, said that the results of the Group are a continuation of the Group's success in enhancing its operating revenues by continuing to add new projects to the Group's real estate portfolio that will contribute to sustainable growth. In addition to continuing to improve the performance of existing operational projects which include residential units, laborers' accommodation, warehouses, offices, shops and showrooms. Mr. Al Ali also noted that Barwa Group is distinguished by its large land bank to secure its future growth plans.
His Excellency stressed on the Group's keenness to develop sustainable returns for the shareholders and to strengthen its role as one of the pillars of the comprehensive development witnessed by our beloved country in all fields under the patronage and support of His Highness Sheikh Tamim Bin Hamad Al Thani, the Emir. Mr. Al Ali also added that the unlimited support of the Government of Qatar to all companies operating in Qatar in general and Barwa Real Estate Company in particular encourages all employees of the Group to exert every possible effort to continue the growth of the Group and put Barwa in its real position as the largest developer in the Qatari real estate market.
Mr. Salman Bin Mohammed Al Mohannadi, Group Chief Executive Officer, explained that the financial year 2018 witnessed many achievements despite the continued blockade and the resulting obstacles. However, thanks to God and the wisdom of our wise government and the precautionary measures taken to counter the impact of the blockade, Barwa has managed to overcome these obstacles and made many important achievements such as:
- Increasing the group's rental income.
- Completing the construction and starting the operations of phase two of Madinat Al Mawater Project and the Barwa Village Extension project.
- Initiating the construction of the Expansion of Al-Khor Sports Facilities and continuing the development of the Affordable Housing project for laborers on Salwa Road, the Warehouses and Workshops project of Barwa Al Baraha and the Dara "A" project in Lusail.
- Ongoing work on the master plans and designs for many projects, including Lusail Golf project, phase 3 of Madinat Al Mawater and phase 2 of Barwa Al Baraha.
Maintaining an available cash balance of QR 1.04 Billion.