Jul 28 2009 |
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Barwa, QREC merger by year-end
DOHA: The planned merger of Qatar Real Estate Company (QREC) with Barwa , the state-backed real estate giant, is expected to be completed by the year-end, say senior QREC officials.
"The merger plans are proceeding as scheduled," Mohamed Mandani, QREC 's Chief Executive Officer, told reporters at a press briefing here on Sunday.
The company held the briefing to announce first half (2009) financials.
Experts from the two companies are conducting the necessary studies for merger, he added.
"We hope the merger to be over by the year-end." The merger will benefit the national economy as well as the shareholders of the company, he added.
In reply to a question about real estate prices in the country having slid due to the global crisis, Mandani said land prices in prime areas across the country were not affected at all. About his company, he said since its clients are from Qatar Petroleum and other energy companies, it was doing well as it had strategic long-term rent contracts with these companies.
The company's profits for the first half (H1) of 2009 have dropped to QR113m, as compared to QR173m in the corresponding period in 2008.
Nearly all these profits are from operations as returns on investments have suffered due to the global economic crisis. "So if you compare the profits from operations in H1 of last year with those of this year, they are the same," said Manadni.
Earnings per share (EPS) for the period fell to QR1.31 from QR2 a year earlier.
Total assets have amounted to QR6.6bn compared to QR5.8bn by the end of 2008, showing an increase of 13 percent.
The total value of the projects implemented by the company since its establishment is estimated at a huge QR2.7bn, while the value of the projects which are under way is estimated at QR13bn, said the CEO.
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