DOHA: Barwa Real Estate Group delivered a net profit of QR266m with QR0.68 per share, compared to QR158m and QR0.41 profit per share for the period ended March 31, 2013.
The financial results show positive improvement on the net profit to go up to QR108m, equivalent to 68 percent increase, compared to the period ended March 31, 2013, in addition to the improvement in rental revenue which has gone up to QR114m, equivalent to 56 percent compared to the period March 31, 2013, yet operational costs increased 33 percent only, to meet the increase in rental revenue.
The group continues to implement its strategy which focuses on improving operations proficiency and accordingly cut down costs and expenses, which is represented in reducing general and admin costs by 28 percent..
Barwa Real Estate is now focusing on the completion of some deals including the selling of some assets to Qatari Diar as per an agreement signed in 2013 to sell assets worth QR20bn, as part of the group’s plan to restructure its financial debt and reduce liabilities which will be reflected into the group’s financial results. Barwa is also finalising a transaction to sell one of its assets, which is a land in the education and medical area — Lusail, for the Supreme Committee for Projects & Legacy.
Barwa Real Estate is also focusing on the completion of its projects under development including Barwa Al Baraha, and the residential project Al Khor- Shell in Al Khor, to become operational and feed into the operational revenue of the group.
The Peninsula
