Barwa Real Estate Company said it achieved a net profit (attributable to the shareholders of the parent company) amounting to QR736mn for the period that ended in September.
Total assets of the group amounted to QR36bn and the total equity of the parent company's shareholders exceeded QR20bn.
The company succeeded in reducing its different expenses, which led to the decrease of the general and administrative expenses by 6% and also reducing net financing costs by 9%. These, Barwa said, contributed to the increase of the net cash income of the group for the period, which enhanced its cash position.
Barwa said despite continuous challenges that impacted the real estate market as a result of Covid-19, the company is moving towards developing a “balanced” real estate portfolio. This helps in facing market fluctuations and enhancing the company’s operating revenues.
Barwa said it is continuing with development works in respect of several new projects that will ensure sustainable growth for its shareholder returns.
Some of the projects are:
- The third stage of Mowater City project, whose implementation started in August 2019 on an area of 418,000 square metres and includes exhibition space, hyper market, car service centres, auto parts sales centre, and an exhibition hall for a car agency. The project is an extension of the first and second stages in the project.
- During 2020, an agreement for developing Qatari schools was signed; the project is to be implemented in partnership between the public and the private sector and is expected to be completed in 2022.
- During 2020, construction works were launched in Madinatna Project as a housing city for families and a labour 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 QR5bn. The development works of the two projects are expected to be completed in by mid-2022.
- Barwa Goup is also doing a feasibility study for several development projects proposed by Ashghal as partnership between the public and private sector. The participation of the group in any of these tenders depends on the feasibility study.
- Barwa will continue studying the stock of vacant lands available to determine their best use including those that are available at Lusail City and other strategic locations in 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.