News Details

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• Achieving a net profit attributable to the shareholders of the parent company   amounted to QR190 Million
• Net profit growth of 7%
• Rental income increased by 45%
• Decrease in general and administrative expenses by 21%.
• Reducing financing costs by 9%
• Total assets reached the value of QR 34 billion
• The total equity of the parent company shareholders reached the value of QR 20 billion
• Developing a balanced real estate portfolio that helps face market fluctuations and supports continuous operating revenues
• Continuation of development work on Madinatna and Barahat Al Janoub projects in Al Wakra
• Continuation of development work in the third phase of Madinat Mawater project and Qatar Schools Project - Package 1
• Studying many new projects to support the real estate portfolio
  
   
  
  Doha - April 20, 2021: Barwa Real Estate Group, the leading real estate and investment company in Qatar and the region, announced its financial results for the period ending March 31, 2021.
  
   
  
  The results showed that the company attained a net profit attributable to the shareholders of the parent company of QR 190 million, with an increase of 7% compared to the same period of the previous year. The total assets of the Group reached the value of QR 34 billion, and the total equity of the shareholders of the parent company reached the value of QR 20 billion.
  
   
  
  As a result of the Group's success in developing a balanced real estate portfolio that helps to cope with market fluctuations, and despite the effects of the Covid-19 pandemic on the global economy, the Group has succeeded in boosting rental income and increasing it by 45%, which is a large percentage that reflects the size of planning and effort made at all levels within the Group to enhance sustainable growth in operating income. The company also succeeded in rationalizing its various expenses, which led to a decrease in general and administrative expenses by 21% and also a decrease in net financing costs by 9%, which contributed to the increase in the Group's net cash income for the period.
  
   
  
  Despite the challenges facing the real estate market as a result of the Covid-19 pandemic, the company is Resolutely moving towards developing a balanced real estate portfolio that helps face market fluctuations and supports continuous operating revenues. The development work continues in many new projects, which will contribute to the growth of the company's operating revenues and the sustainable growth of the returns of its shareholders, including:

• The third phase of Madinat Mawater project, which began in August 2019, on a land of 418,000 square meters, offering 118 showrooms, hypermarkets, car service centers, a center for selling auto parts, and a showroom for a car dealership. This phase is considered an extension of the first and second phases of the project
• During the year 2020, an agreement was signed to develop the Qatar Schools- Package 1, as the first project to be implemented under the PPP system. The project is expected to be completed in 2022.
• During the year 2020, construction works were launched in each of the Madinatna project, which is designated as a residential city for families, as well as in the Barahat Al-Janoub project, which is a residential city for workers. The two projects will enhance the levels of support for the partnership with the State of Qatar, as the two projects will be used as part of the organizational plans for the World Cup events. Development of the two projects is expected to be completed in mid-2022.
• The Group is also working on the economic feasibility study of many development projects proposed by the Public Works Authority under the PPP system, and the Group's participation in any of these tenders will depend on its economic viability and in line with the Group's development strategy.
• Barwa will also continue to study its available land bank to determine the optimal use of it, in order to help support the financial position of the Group and contribute to the development of sustainable returns.
  
   
  
  The group is always keen to strengthen the principle of partnership with the government of the State of Qatar to develop more real estate projects aimed at meeting the needs of the real estate market and in line with the Qatar National Vision 2030 and supports the company's sustainable growth strategy, as well as, establishes its position as a leading national company in the field of real estate development.