Barwa Real Estate Group, one of the leading real estate and investment companies in Qatar, announced its financial results for the period ended 31 March 2014. The group's results showed a net profit of QR 266 million with QR 0.68 per share, compared to QR 158 million and QR 0.41 profit per share for the period ended 31 March 2013.
The financial results show positive improvement on the net profit to go up to QR 108 million, equivalent to 68% increase, compared to the period ended 31 March 2013, in addition to the improvement in rental revenue which has gone up to QR 114 million, equivalent to 56% compared to the period 31 March 2013, yet operational costs increased 33% 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%.
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 QR 20 billion, 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 finalizing 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 city, to become operational and feed into the operational revenue of the group. The group is studying potential investment opportunities which align with its strategy of sustainable growth.
Barwa Real Estate Company QPSC is a Qatar-based public shareholding company, which is engaged in the real estate operations and development. The Company is active in the following business segments: Real Estate, which develops, sells and leases condominiums, villas and plots of lands; Business Services, which provides business support services, as well as Financial Institution and Other Services, which comprises banks, financial and other institutions. Along with its subsidiaries, the Company focuses on the domestic and international real estate development business, investments, hotels ownership, project consulting, advertisement, brokerage services and others. The Company operates through the acquisition, reclamation, development and reselling of lands to establish agricultural, industrial and commercial projects, as well as in the real estate administration inside and outside the State of Qatar.