Barwa Real Estate Company is keen to increase revenues via a “balanced mix of operational projects,” which meet the needs of Qatar’s real estate market and lower risk potential as part of plans to be achieved in 2021.
This was announced during Barwa’s Ordinary General Assembly Meeting held Monday, which was presided over by the company’s chairman, Salah bin Ghanem al-Ali.
Aside from al-Ali, Barwa Real Estate Group CEO Abdulla Jobara al-Romaihi, the company’s auditor, and representatives of the Ministry of Commerce and Industry, Companies Control participated in the meeting, which was held virtually, in compliance with the precautionary measures issued by the government to limit the spread of Covid-19.
As the impact of the Covid 19 pandemic continues to take its toll on the global economy during the year 2021, Barwa Real Estate is keen to work on various aspects during the year, which the group considers to be the pillars of its business, the board of directors report stated.
In addition to working on master plans and feasibility studies for many new projects on the existing lands of the group, the group owns a stock of land that reaches an area of 7.7mn sq m, 68% of which is inside Qatar, and the remaining 32% is in other regions around the world.
Plans for 2021 also include rationalising operational, administrative, and financing expenditures to achieve the maximum possible benefit without affecting the quality of the projects and services provided, according to the board’s report.
Similarly, the report stated that the company plans on improving the group’s brand and raising the efficiency of the corporate system by providing the best quality services at competitive prices, which satisfy the aspirations of customers, in addition to its ongoing contribution towards national and social initiatives.
Al-Romaihi said, “The group has adopted a comprehensive business strategy with precise measures to deal with the repercussions of the Covid-19 pandemic. This plan has so far proven its efficiency as it provides a successful model in overcoming the side effects which accompany the pandemic.
“It’s also ensuring business continuity, with no interruption of any plans or projects. These exceptional circumstances have in fact refined our experiences to deal with different variables.”
He added: “Barwa Real Estate projects are distinguished by quality and integration; they cover the different regions inside Qatar, reaching south to Abu Hamour, Mesaimeer, Industrial Areas, Al Wakra, and Mesaieed, North to Lusail City and Al Khor City, and west to Mukaynis and Dukhan. This expansion outside the city of Doha have always aimed to serve the urban development of Qatar and address the real needs of the people; eventually fulfilling the objectives of the Qatar National Vision 2030.
“This year, we will continue to focus on our developmental investments, which were launched in the past year. We view them to be the cornerstone of our future journey and the compass which leads our investment plans, we are currently studying a number of promising investment opportunities, and moving ahead with our efforts to diversify our source of revenue.”
During the meeting, shareholders approved the board’s proposal to distribute cash dividends of QR0.125 per share (12.5% of the nominal value of the share) with a total of QR486.4mn.
Al-Ali said Barwa’s net profits in 2020 stood at QR1.21bn and earnings per share of QR0.31. The group also succeeded in achieving total recurring operating income of QR1.63Bn, an increase of 7% compared to 2019.