DOHA: Barwa Real Estate Group’s net profit attributable to the shareholders of the parent company reached QR405m and earnings per share at QR 1.04 for the first quarter of 2018, down from the net profit of QR479m and earnings per share of QR 1.23 posted for the same period of last year.
The Group successfully enhanced its operating revenues through increasing its net rental income by QR34m representing an increase of 11 percent, despite the decrease in net profit for the period compared to the same period in 2017, resulting from the decrease in profits of non-recurring items such as property valuation gains and other income.
The Group aims to increase its operating revenues with the start of the operations of the projects currently under construction that are expected to be completed in 2018, such as the Labour Accommodation Project on Salwa Road, Phase 2 of Madinat Al-Mawater, the Barwa Village extension project and the Dara A project.
The Group’s results reflect Barwa keenness to increase its sustainable returns to its shareholders through the continued increase of its portfolio of revenue generating assets and at the same time improving the efficiency of existing operational projects, the company said yesterday.
Barwa’s strategy for the development of new projects is based on two streams.
The first one includes enhancing the principle of partnership with the Government of the State of Qatar, out of commitment to fulfill the Group’s role as the largest real estate developer in the country. This is clearly demonstrated in several projects, including the laborers’ accommodation project on Salwa Road, the Madinat Al Mawater Project and the Mustawdaat Project.
The second stream is making the best investment use of the Group’s land banks such as the Barwa Village Extension project and the Dara A project.
Moreover, Barwa is finalizing plans to start the development of the Dara B-F project, the Barwa Al Doha Project and the development of Barwa’s land in Lusail City, which extends over an area of 3.4million square meters.
During the first quarter, Barwa accomplished a number of key achievements, including increasing of the rental income, completion of the construction of Mustawdaat Project .
The board of directors of Barwa Real Estate announced their intention to convene an extraordinary general assembly to look into the board’s proposal to approve increasing the Non-Qatari shareholding limit from 25 percent to 49 percent, in view of Qatar Exchange’s vision to enhance Qatar’s financial market to become a regional financial center attractive to international investments.
