Barwa Real Estate Group reports net profit of QR804mn

Barwa Real Estate Group has reported a net profit (attributable to shareholders) of QR804mn and earnings-per-share of QR2.07 for the financial period ended June 30, 2018. The group successfully enhanced its operating revenues through increasing its rental income by QR51mn, representing an increase of 8% compared to the same period in 2017, despite the fall in net profit against the same period in 2017, resulting from the decrease in profits of non-recurring items such as property valuation gains.

 

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The Barwa headquarters in Doha. The group has successfully enhanced its operating revenues through increasing its rental income by QR51mn for the financial period ended June 30

The group aims to increase its operating revenues from the projects currently under construction that are expected to be completed this year, a company spokesman said, highlighting the Labourers’ Housing Project on Salwa Road, Phase 2 of Madinat Al Mawater, the Barwa Village extension project and the Dara A project. “The results reflect Barwa’s keenness to increase its sustainable returns to its shareholders through the continued growth of its portfolio of revenue generating assets and at the same time improving the efficiency of existing operational projects,” the spokesman said.

Barwa aims to increase its sustainable returns to its shareholders through increasing operational projects by making the best investment use of its land bank in order to develop new projects such as the Barwa Village Extension project and the Dara A project. Moreover, the company is finalising plans to start the development of several projects including Phase Three of Barwa Al Baraha and the Phase Three of Madinat Al Mawater project. The company has been able to maintain a cash balance of QR2bn, which is sufficient to cover the group’s operations and to support the execution of its investment strategy, the spokesman said.

Sources and photo- credits: Gulf Times