DOHA: Barwa Real Estate Group’s net profit attributable to the shareholders of the parent company stood at QR 1.08bn for the financial period ended September 2018, down from QR1.22bn posted for the same period in 2017. Barwa’s earnings per share is at QR 2.78 compared to QR3.14 for the same period of last year.
The Group successfully enhanced its operating revenues through increasing its rental income by QR70m, representing an increase of 8 percent compared to the same period in 2017. Barwa’s rental income increased by 8 percent year-on-year.
The Group aims to increase its operating revenues by improving the efficiency of existing operational projects, in addition to supporting the Group’s operational real estate portfolio through new projects. Barwa completed the construction work of Phase two of Madinat Al Mawater project and the Barwa Village extension project, in addition to finalising the development work of the Affordable Housing project for laborers at Salwa Road and Dara A project. It also finalised the ongoing development work of the other projects such as the Warehouses Project of Barwa Al Baraha and Al Khor’s Recreation Extension project.
The Group said it will continue to study its available land bank in order to identify the optimal utilisation, thus helping to support the development of sustainable revenues, where it is expected to award the construction contracts of Phase Three of Barwa Al Baraha project and the Phase Three of Madinat Al Mawater project before the end of the year.
Barwa is also keen on enhancing the partnership with the Government of the State of Qatar to create real estate development projects that contribute to meet the needs of citizens and residents. This will help the Group fulfill its role as the largest real estate developer in the country. This has resulted in many projects such as the Affordable Housing project for laborers at Salwa Road, Madinat Al Mawater project and Mustawdaat project.
“During the nine-month period, Barwa accomplished a number of key achievements, including increasing the rental income, completion of the development of Mustawdaat project, the phase two of Madinat Al Mawater project and Barwa Village extension project.
“It also include finalising development work of the Affordable Housing project for laborers at Salwa Road and Dara project, and continuing the development of Al Baraha Warehouses project. Barwa also awarded a contract worth QR105m for Al Khor’s Recreation Extension project”, Barwa said.
