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Barwa Real Estate Group has reported a net profit of QR804 million and earnings per share of QR0.21 in the first nine months of 2019, reflecting a decline compared to the same period of the previous year, the company announced in a statement on Tuesday.
Barwa said 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 for the three months (Q3) ended September 30, 2019, reached QR294 million, an increase of 5 percent compared to the same period of the previous year.
The Group successfully generated a total income of QR1.62 billion including recurring revenue amounting to QR1.15 billion, which exceeded 70 percent of the total revenues.
Total assets amounted to QR31.5 billion, showing an increase of QR1.1 billion compared to the total assets as at December 31, 2018.
The equity attributable to the shareholders of the parent amounted to QR19.2 billion. The group maintained a cash balance of QR1.4 billion.
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 have already commenced in a number of Barwa’s recent developments such as Mukaynis Compound - Affordable Housing Project and Al Baraha Workshops & Wahrehouses.
Developmental works are still on-going in some of Barwa projects including Dara (A) project; Phase two of Al Khor Recreation Facilities project; phase three of Madinat Mawater project; phase three of Barwa Al Baraha, and second phase of Umm Shahrain Warehouses project.
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30/10/2019
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