Barwa Real Estate Company achieves a net profit of 736 million q …
(MENAFN- Gulf Times) Barwa Real Estate Company said it achieved a net profit (attributable to shareholders of the parent company) of QR 736 million for the period ending in September.
The group’s total assets stood at QR 36 billion and the total shareholders’ equity of the parent company exceeded QR 20 billion.
The company succeeded in reducing its various expenses, which led to the decrease in general and administrative expenses by 6% and also to the reduction in net financing costs by 9%. These, Barwa said, contributed to the increase in the group’s net cash income for the period, which improved its cash position.
Barwa said that despite the continued challenges that have impacted the real estate market in the wake of Covid-19, the company is moving towards developing a “balanced” real estate portfolio. This helps to cope with market fluctuations and improve the operating income of the business.
Barwa said he was continuing development work on several new projects that will ensure sustainable growth for the returns of its shareholders.
Some of the projects are:
– The third stage of the Mowater City project, the implementation of which began in August 2019 over an area of 418,000 square meters and includes an exhibition space, a hypermarket, automotive service centers, a parts sales center automobiles and an exhibition hall for an automobile agency. The project is an extension of the first and second stages of the project.
– During 2020, an agreement for the development of Qatari schools was signed; the project is to be implemented in partnership between the public and private sectors and is expected to be completed in 2022.
– In 2020, construction works were started in the Madinatna project as a housing city for families and a housing city for work.
Both projects are located in the geographic area of Al Wakra Municipality and the development cost of both projects exceeds QR 5 billion. Development work on both projects is expected to be completed by mid-2022.
– Barwa Goup is also carrying out a feasibility study for several development projects proposed by Ashghal in partnership between the public and private sectors. The group’s participation in one of these calls for tenders depends on the feasibility study.
– Barwa will continue to study the stock of vacant land available to determine their best use, including those available in Lusail City and other strategic locations in Qatar, in order to improve the financial situation of the group and contribute to the development of sustainable income.
– Regarding its international and financial investments, Barwa regularly evaluates the performance of these investments and formulates appropriate strategies to increase its income.
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