Tribune news network
Doha
Barwa Real Estate Group has reported a net profit of QR510 million and earnings per share of QR0.13 for the first half (H1) of 2019, the company announced in a statement on Monday.
The company made a net profit of QR804 million for the same period of the previous year.
Barwa said the decrease in net profit was mainly due to the decrease in profits of some non-recurring items in nature such as profit from debt scheduling and the application of IFRS 16.
Total assets of the Group amounted to QR31 billion and total equity attributable to the equity holders of the parent company amounted to QR18.9 billion, in addition to maintaining a cash balance of QR1 billion.
In spite of the challenges currently facing the real estate market, Barwa Real Estate is working to strengthen its operating revenues during the second half of 2019 by completing the development of its ongoing projects which will contribute to the development of the operational real estate portfolio of the Group.
These projects include the following:
1. Affordable Housing project for labourers - Salwa Road with a construction area of 735,039 square meters at a construction cost of QR1.34 billion. The project includes 25,360 residential rooms in addition to shops, hypermarkets and mosques.
2. Warehouses and Workshops project in Barwa Al Baraha, which includes 561 warehouses with an area of 300 sqm for each warehouse and 118 workshops with an area of 144 sqm for each workshop.
3. Dara (A) project, which is located within Lusail area and includes 271 apartments ranging from one to three rooms and this project is in the final stages of delivery.
4. Phase Two of Al-Khor Sports Facilities project, which includes 516 apartments with a total construction area of 53,639 sqm in addition to a hypermarket and multi-purpose hall, where Barwa announced the award of the contract for the construction of phase two of the project during 2018 at a value of QR105 million.
In addition, the development activities started in the third phase of the Madinat Al Mawater project at a construction cost of QR 335 million, which Barwa Real Estate started to develop in 2019.
Barwa is currently working on the completion of designs and investment plans for many projects, which are expected to be tendered in 2019, including:
• Barwa Al Baraha Project Phase Three, which includes residential apartments, shops and offices, in addition to a hypermarket, a clinic and a mosque.
• The second phase of Umm Shehrein warehouses project, which will include service centers and workshops for the maintenance and repair of trucks with shops and apartments for workers.
Doha
Barwa Real Estate Group has reported a net profit of QR510 million and earnings per share of QR0.13 for the first half (H1) of 2019, the company announced in a statement on Monday.
The company made a net profit of QR804 million for the same period of the previous year.
Barwa said the decrease in net profit was mainly due to the decrease in profits of some non-recurring items in nature such as profit from debt scheduling and the application of IFRS 16.
Total assets of the Group amounted to QR31 billion and total equity attributable to the equity holders of the parent company amounted to QR18.9 billion, in addition to maintaining a cash balance of QR1 billion.
In spite of the challenges currently facing the real estate market, Barwa Real Estate is working to strengthen its operating revenues during the second half of 2019 by completing the development of its ongoing projects which will contribute to the development of the operational real estate portfolio of the Group.
These projects include the following:
1. Affordable Housing project for labourers - Salwa Road with a construction area of 735,039 square meters at a construction cost of QR1.34 billion. The project includes 25,360 residential rooms in addition to shops, hypermarkets and mosques.
2. Warehouses and Workshops project in Barwa Al Baraha, which includes 561 warehouses with an area of 300 sqm for each warehouse and 118 workshops with an area of 144 sqm for each workshop.
3. Dara (A) project, which is located within Lusail area and includes 271 apartments ranging from one to three rooms and this project is in the final stages of delivery.
4. Phase Two of Al-Khor Sports Facilities project, which includes 516 apartments with a total construction area of 53,639 sqm in addition to a hypermarket and multi-purpose hall, where Barwa announced the award of the contract for the construction of phase two of the project during 2018 at a value of QR105 million.
In addition, the development activities started in the third phase of the Madinat Al Mawater project at a construction cost of QR 335 million, which Barwa Real Estate started to develop in 2019.
Barwa is currently working on the completion of designs and investment plans for many projects, which are expected to be tendered in 2019, including:
• Barwa Al Baraha Project Phase Three, which includes residential apartments, shops and offices, in addition to a hypermarket, a clinic and a mosque.
• The second phase of Umm Shehrein warehouses project, which will include service centers and workshops for the maintenance and repair of trucks with shops and apartments for workers.