- Net profit attributable to the shareholders of the parent amounted to QAR 912 million.
- Increase of net rental income by 15%
- Leasing Mustawdaat project in Umm Shahrain in full.
- Leasing all the showrooms of phase one of Madinat Al Mawater.
- Initiating the construction of phase two of Madinat Al Mawater.
- Ongoing progress in the construction of Dara A and Barwa Village Expansion projects
- Maintaining cash balances for the Group to implement the investment strategy with a total value of QAR 3.5 billion.
Doha – July 2017
Barwa Real Estate Company, one of the leading real estate and investment companies in Qatar and the region has announced its financial results for the period ended 30 June 2017. The results have showed a net profit attributable to the shareholders of the parent amounted to QAR 912 million, and earnings per share amounted to QAR 2.34 compared to net profit amounted to QAR 1,201 million and earnings per share amounted to QAR 3.09 for same period in 2016. 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 QR 1.3 billion in the first quarter of 2017. However, on the operational level, the group has succeeded to enhance its operating income by increasing its net rental income by QAR 62 million with a 15% increase compared to the same period of the year 2016. The group has also succeeded to sign leasing contract for Mustawdaat project in full for 10 and a half years, starting from October 1, 2017 and with a total rental value of QAR 755 million. In addition to that, 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. It is also clearly evident that Barwa's keenness on enforcing the principle of partnership with the State of 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.
During the second quarter of the year 2017, Barwa was able to accomplish a number of key achievements including:
- Increase in the rental income.
- Signing the leasing contract of Mustawdaat project.
- Initiating operating of phase one of Madinat Al Mawater and leasing all the showrooms of it.
- Signing the construction contract of phase two of Madinat Al- Mawater with a contract value amounts to QAR 112.5 million and a total built-up area of 35.6 thousand square meters.
- Ongoing progress in the construction of Mustawdaat, Dara A and Barwa Village Expansion projects.
- Maintaining cash balances for the Group to cover financial needs and implement the investment strategy with a total value of QAR 3.5 billion.