DOHA: Barwa Real Estate Group, one of the leading real estate and investment companies in Qatar and the region, reported a net profit of QR804m (attributable to the shareholders of the parent company) for the first nine months of the year ended September 30, 2019.
The earnings per share amounted to QR0.21 (21 dirhams) reflecting a decline compared to the same period of the previous year.
The decline was a result of a decrease in the revenues from items that non-recurring in nature such as the sale of properties, gain on debt restructure in addition to the adoption of International Financial Reporting Standard 16. However, the net profit attributable to the shareholders of the parent for the three months ended September 30, 2019 was QR294m compared to QR279m for the same period of the previous year representing an increase of 5 percent.
The Group successfully generated a total income of QR1.62bn including recurring revenue amounting to QR1.15bn which exceeded 70 percent of the total revenues.
Total assets amounted to QR31.5bn showing an increase of QR1.1bn compared to the total assets at end of December 31, 2018. The Equity attributable to the shareholders of the parent amounted to QR19.2bn. The Group maintained a cash balance of QR1.4bn.
Despite the challenges currently facing the real estate market, Barwa Real Estate Group is working to strengthen its operating revenues through enriching its operational real estate portfolio with a number of new projects.
Leasing activities already commenced in a number of Barwa’s recent developments such as: Mukaynis Compound - Affordable Housing Project: The project is located on Salwa Road, the project is developed on two plots with a total area of 1,179,114 sqm. The built-up area is 732,000 sqm, and construction cost of QR1.6bn.
The project includes 3,170 residential units with 25,360 rooms in addition to retails units, hypermarket and mosques. In July 2019, Barwa Real Estate started leasing activities through its subsidiary Waseef Asset Management Co. in preparation for the completion of its full implementation during the fourth quarter of 2019.
Barwa is working currently on the completion of the designs and investment plans for a number of its real estate development projects, whose construction works are expected to commence soon.
