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Asif Iqbal
Doha
Barwa Real Estate Company on Wednesday said its net profit in the third quarter rose 136 percent to QR297 million compared to QR126 million in the same period last year.
Salman Mohamad Ahmad al Hasan al Muhannadi, the Group CEO, said Barwa had managed to make a number of achievements during the past nine months, particularly in the third quarter.
Muhannadi said the period saw a rise in the net profit attributable to equity holders of the parent company by QR 626 million, an increase of 72 percent compared to the same period last year.
"This was after excluding the exceptional profits made during the same period, resulting from the sale of a plot of land in Mesaimeer for QR2.7 billion," Mohannadi said.
The CEO further said that in spite of the current real estate market conditions, the company registered an increase in rental income by 7 percent and also reduced net financing cost by 16 percent.
According to Muhannadi, the company would continue maintaining available cash balance sufficient to cover the operations of the group and face volatility in the financial markets amounting to QR2.2 billion.
Muhannadi further said the company would pursue the completion of the refinancing all its existing financing liabilities for new periods as part of the group's strategy aimed at strengthening its financial position.
Talking about the company's current projects, Muhannadi said there were about 917 residential units under construction, while another 4,723 residential units in design phase.
"The majority of Barwa's upcoming projects will work towards developing residential units of medium to high rental rates, which include health, educational and commercial support services," Muhannadi said, adding that there were 688 labour rooms under construction as well.
Regarding the current operating assets of the company, Muhannadi said the company has about 6,391 residential units, 12,021 labour rooms, 44,307 square metres of office space and 150,940 square metres of retail space.
"The main goal of the company is to increase shareholders' equities, to achieve sustainable growth, and to achieve higher returns on the group assets and projects, through developing high standards projects within the assigned budget and schedule," Muhannadi added.
