Barwa Real Estate Company has posted a net profit of QR912mn at the end of the second quarter in June, it was announced yesterday.
The earnings per share amounted to QR2.34 in the period ended in June, the country’s leading real estate and investment company said. In the same period in 2016, Barwa’s net profit amounted to QR1.2bn with earnings per share of QR3.09.
“The decrease in the net profit resulted from the decrease in the profits resulted from few non-recurring items like revaluation gain from investment properties and other income, in addition to the termination of the finance leases of one of the subsidiaries of the Group, which resulted in collecting QR1.3bn in the first quarter of 2017,” Barwa said.
However, on the operational level, the group has succeeded to enhance its operating income by increasing its net rental income by QR62mn with a 15% increase compared to the same period of the year 2016.
The group has also succeeded in signing leasing contract for Mustawdaat project in full for 10 and a half years, starting from October 1 and with a total rental value of QR755mn.
In addition, the group has leased all the showrooms of Phase one of Madinat Al Mawater that will contribute to the increase of the group’s operating income.
The financial results of the group reflect Barwa’s success of fulfilling its objectives of achieving sustainable growth for its shareholders through supporting its asset database via new operational projects, and at the same time, working on enhancing the operational efficiency of current operating projects, the company said.
“It is also clearly evident that Barwa’s keenness on enforcing the principle of partnership with Qatar has a huge positive impact on the financial position of the group. This partnership is clearly demonstrated in many projects such as Mustawdaat project and Madinat Al Mawater project,” the company statement said.
Barwa has also informed that it is making “ongoing progress” in the construction of Mustawdaat, Dara A and Barwa Village Expansion projects.
The financial results of the group reflect Barwa’s success of fulfilling its objectives of achieving sustainable growth for its shareholders through supporting its asset database via new operational projects, and at the same time, working on enhancing the operational efficiency of current operating projects, the company said
