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Tribune news network
Doha
Barwa Real Estate Group has declared its financial results for the nine month period ending September 30, 2021.
The results indicated achieving net profits attributable to the shareholders of the parent company amounting to QR736 million, and the total assets of the group amounted to QR36 billion, and the total equity of the parent company’s shareholders exceeded QR20 billion.
As a result to the success of the group in developing a balanced portfolio that helps facing market fluctuations and in spite of the effects of Corona pandemic on the global economy, the group has succeeded in supporting the rents revenues and increasing them by 45 percent, which is a large percentage in light of the challenges witnessed by the real estate market. It reflects the planning, and the effort exerted in all levels within the group in order to enhance the sustainable growth operating income.
The company also succeeded in reducing its different expenses which led to the decrease of the general and administrative expenses by 6 percent and also reducing net financing costs by 9 percent, which contributed to the increase of the net cash income of the group for the period which enhances its cash position.
The company achieved increase in the net profit of the period by 2 percent compared to the same period of the previous year, in spite of the big decrease in some non-repeated items like profits from the appraisal of investment properties and other income, because of the increase in the revenues and operating profits and also rationalizing the expenses.
In spite of the continuous challenges that face the real estate market as a result to Covid-19, the company is moving along towards developing a balanced real estate portfolio that helps in facing market fluctuations and enhancing the continuous operating revenues as the development works continuous in several new projects which will contribute in the growth of the volume of the operating revenues of the company and enhancing the sustainable growth for its shareholder returns including:
The third stage of Mowater City project whose implementation started in August 2019 on the area of 418,000 square meters and it includes 118 exhibitions, hyper market, car service centers, auto parts sales center, and exhibition hall for a car agency, and it is considered an extension of the first and second stages in the project.
During the year 2020, the agreement of developing Qatar schools was signed- first package as the first project to be implemented with partnership between the public and the private sector and it is expected to complete its development during the year 2022.
During the year 2020, the construction works were launched in Madinatna project as housing city for families and also the project of comfort of the south , and it is a labor housing city .
The two projects are located within the geographical range of Al Wakra municipality, and the cost of the developing the two projects exceeds QR5 billion. The two projects will enhance partnership levels with the State of Qatar, as the two projects will be benefited from with the organisational plans for World Cup events, and it’s expected to complete the development works of the two projects in the middle of the year 2022.
The group also works on the feasibility study for several development projects proposed by ASHGAL with the system of partnership between the public and the private sector. The participation of the group in any of these tenders depends on its feasibility study, which is appropriate to the development strategy of the group.
Barwa will continue studying the stock of vacant lands available to determine its best use including the lands available in the city of Lusail and other strategic locations in the State of Qatar in order to enhance the financial position of the group and to contribute in developing the sustainable revenues.
Concerning its international and financial investments, Barwa evaluates regularly the performance of those investments and formulating the proper strategies to enhance its revenues
The group is always keen to enhance the principle of partnership with the State of Qatar in order to develop the real estate projects that aim at fulfillment of real estate market requirements and in compliance with Qatar nation vision 2030, and supporting the strategy of the sustainable growth of the company and its status as a pioneer national company in the field of real estate development.
Doha
Barwa Real Estate Group has declared its financial results for the nine month period ending September 30, 2021.
The results indicated achieving net profits attributable to the shareholders of the parent company amounting to QR736 million, and the total assets of the group amounted to QR36 billion, and the total equity of the parent company’s shareholders exceeded QR20 billion.
As a result to the success of the group in developing a balanced portfolio that helps facing market fluctuations and in spite of the effects of Corona pandemic on the global economy, the group has succeeded in supporting the rents revenues and increasing them by 45 percent, which is a large percentage in light of the challenges witnessed by the real estate market. It reflects the planning, and the effort exerted in all levels within the group in order to enhance the sustainable growth operating income.
The company also succeeded in reducing its different expenses which led to the decrease of the general and administrative expenses by 6 percent and also reducing net financing costs by 9 percent, which contributed to the increase of the net cash income of the group for the period which enhances its cash position.
The company achieved increase in the net profit of the period by 2 percent compared to the same period of the previous year, in spite of the big decrease in some non-repeated items like profits from the appraisal of investment properties and other income, because of the increase in the revenues and operating profits and also rationalizing the expenses.
In spite of the continuous challenges that face the real estate market as a result to Covid-19, the company is moving along towards developing a balanced real estate portfolio that helps in facing market fluctuations and enhancing the continuous operating revenues as the development works continuous in several new projects which will contribute in the growth of the volume of the operating revenues of the company and enhancing the sustainable growth for its shareholder returns including:
The third stage of Mowater City project whose implementation started in August 2019 on the area of 418,000 square meters and it includes 118 exhibitions, hyper market, car service centers, auto parts sales center, and exhibition hall for a car agency, and it is considered an extension of the first and second stages in the project.
During the year 2020, the agreement of developing Qatar schools was signed- first package as the first project to be implemented with partnership between the public and the private sector and it is expected to complete its development during the year 2022.
During the year 2020, the construction works were launched in Madinatna project as housing city for families and also the project of comfort of the south , and it is a labor housing city .
The two projects are located within the geographical range of Al Wakra municipality, and the cost of the developing the two projects exceeds QR5 billion. The two projects will enhance partnership levels with the State of Qatar, as the two projects will be benefited from with the organisational plans for World Cup events, and it’s expected to complete the development works of the two projects in the middle of the year 2022.
The group also works on the feasibility study for several development projects proposed by ASHGAL with the system of partnership between the public and the private sector. The participation of the group in any of these tenders depends on its feasibility study, which is appropriate to the development strategy of the group.
Barwa will continue studying the stock of vacant lands available to determine its best use including the lands available in the city of Lusail and other strategic locations in the State of Qatar in order to enhance the financial position of the group and to contribute in developing the sustainable revenues.
Concerning its international and financial investments, Barwa evaluates regularly the performance of those investments and formulating the proper strategies to enhance its revenues
The group is always keen to enhance the principle of partnership with the State of Qatar in order to develop the real estate projects that aim at fulfillment of real estate market requirements and in compliance with Qatar nation vision 2030, and supporting the strategy of the sustainable growth of the company and its status as a pioneer national company in the field of real estate development.
