Mar 07 2010 |
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Alaqaria registers 10 percent increase in total income
DOHA: The total income of Alaqaria increased by 10 percent during 2009 reaching QR528m compared with the QR478m during 2008. Total income was predominantly driven by an increase of 63 per cent in rental and finance lease income, which reached QR447m up from QR274m in 2008. The company began to benefit from rental income from the newly completed Al Khor Housing Project 4, and Mesaieed Housing Project. Net income for the full year was QR214m, compared with QR311m in 2008. The decline in net income was mainly attributable to a decrease in investment income and an increase in finance cost.Commenting on the results, Sheikh Khalid Bin Khalifa Al Thani, Chairman of Alaqaria , said, " Alaqaria has emerged from the financial crisis in a position of strength, having successfully managed to continue growing its asset base and operating income throughout the year. This is testament to the strength of the Company's strategy, of the management team's ability to execute on that strategy, and to its commitment to deliver value to its shareholders."
Mohammad Mandani, Chief Executive Officer of Alaqaria said: "2009 was another year of delivery for Alaqaria , which completed 95 per cent of its projects under construction, taking the total number of units delivered to date to over 2,000.
General and administrative costs totalled QR54m, compared to QR29m in 2008. This increase was predominantly driven by costs associated with the merger process with Barwa Real Estate Company .
© The Peninsula 2010
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