| 01 Sep 2010 |
|
Qatar: Barwa Real Estate posts 33pc rise in profit
- Text size
DOHA: Barwa Real Estate CompanyBarwa Real Estate Company
has reported robust half-yearly (H1) financials. Net profits rose 33 percent in H1 2010 to QR498m as compared to the corresponding period last year.Total assets of the Company have risen to QR51.6bn, an 88 percent growth compared to QR27.4bn in the corresponding period of 2009. Total equity stood at QR10bn on a capital base of QR3.89bn.
"The major factors behind BarwaBarwa's encouraging results in H1 2010 are increased sales of property by 52 percent to QR133.17m, increased rental revenues by 64 percent to QR135.87m and growth in other income by 51 percent to QR60.67m," Yusef Al Khater, Group Chief executive Officer of BarwaBarwa, told reporters yesterday.
"The financial results reflect the reasons behind the increase in BarwaBarwa's Assets, namely the merger with Qatar Real Estate Investment Company ("Alaqaria") and the takeover of all its shares during the second quarter of 2010."
"This resulted in an increase in capital of BarwaBarwa
to QR3.891bn. The handing over and operating of BarwaBarwa Village and BarwaBarwa Housing (Mesaken Al Saliyah) also contributed significantly to revenues," Al Khater said.Despite turbulences witnessed by global markets, BarwaBarwa has managed to keep its projects on track as planned and on schedule.
The company's financials show increasingly improving performance of the company. The value of projects under construction increased to QR19bn, highlighting the company's commitment to executing its projects and contributing to Qatar's construction sector and economic development," said Ahmed Elezabi, Acting Group Director of Finance.
BarwaBarwa projects under progress include BarwaBarwa Commercial Avenue which is built along 8km, and which offers various luxurious residential and commercial buildings.
Mesaken Al Sailiya and Masaken Mesaimeer are built on two separate areas comprising 400,000sqm. The QR1.3bn project consists of 62 residential buildings and offers 1,984 two and three bedroom residential units.
Barwa City, which is also nearing completion, is one of the largest projects being constructed in Qatar. The project, built on a 2.7m sqm plot in Mesaimeer, provides 128 residential buildings that will offer tenants and investors nearly 6,000 apartments to accommodate up to 25,000 tenants. The city will also include district cooling for cold water and climate control and LPG for hot water and cooking.
Al Sadd, covering an area of 27,654 sqm adjacent to Suheim Bin Hamad Street, has been developed as a prime self-sufficient Commercial and Residential Complex, providing families with places to work and live with every conceivable amenity within reach.In addition, BarwaBarwa Financial District, located in the new business city of Doha, West Bay, is an integrated solution that has been designed to serve the global, regional and local financial sector with 9 office towers of high quality office space, solid infrastructure, state-of-the-art technology and parking facilities for over 5,000 cars. Future tenants, owners and visitors will also enjoy leisure facilities including a luxury hotel and spa conference centre and outdoor plaza.
© The Peninsula 2010
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.