Shareholders of Barwa Real Estate elected yesterday its board of directors for 2020-2022 during the company’s annual general meeting via an online voting mechanism held in co-operation with the Ministry of Commerce and Industry — Companies Control.
Representatives of the Ministry of Commerce and Industry announced the board of directors for the period 2020-2022: Nasser Sultan N al-Hemaidi; Abdulrahman Mohamed M A al-Khayarin; Nasser Ali G A Alhajri, representing Ras Rokun Estate Investment Company; Ahmad Khalid A A al-Maadeed; and Jamal Matar M A al-Naimi (substitute).
Qatari Diar Company also announced the appointment of the members of the board of directors: Salah bin Ghanem al-Ali, Abdullah bin Hamad al-Attiyah, and Ahmed Mohamed Nour Mohamed Tayeb.
The meeting, which was presided over by Barwa Real Estate Company chairman Salah bin Ghanem al-Ali, approved the proposed distribution of a cash dividend of 20% (QR0.20 per share), achieving a rate of return of 6.5% on the share price.
In his report on the company’s activities and financial position, as well as its future plans, al-Ali said the company achieved net profits amounting to QR1.50bn and return on share of QR0.39. 
Despite the challenges that faced the real estate market last year, which negatively affected developers and real estate investors in general, al-Ali said Barwa “worked hard to accommodate those challenges and reduce its impact.”
He said Barwa was keen to support and maintain sustainable returns, as the group succeeded in achieving a total recurring operating income of QR1.55bn, most of which comes from rental income of projects belonging to the group, and succeeded in reducing general and administrative expenses by QR21mn, or 8%, compared to 2018.
The consolidated financial statements for 2019 also witnessed a decrease in the non-recurring profits, such as the sale of properties and gain made on debt restructure, in addition to the adoption of International Financial Reporting Standard No 16. 
The total assets of the group reached QR32bn, showing an increase of QR1.6bn from December 31, 2018. The equity attributable to the shareholders of the parent company amounted to QR19.9bn, in addition to the group maintaining a cash balance of QR1.25bn.
On the its performance and accomplishments in 2019, al-Ali said Barwa is a “dynamic” and “influential contributor” to the development of Qatar, and is keen to enhance the strategic partnership with the government to build projects that could address the needs of the marketplace in line with the Qatar National Vision 2030.