Oct 24 2010 |
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Barwa Group records net profit of QR775m in 9 months
DOHA: The Barwa Group , one of Qatar's global leading investment and real estate companies, has recorded net profits of QR775m in the last nine months of 2010, a 24.6 per cent increase over the profits of QR622m for the same period last year.
Given the increase in the company shareholding capital, through acquiring Qatar Real Estate Investment Company ( Al Aqaria ), earnings per share (EPS) over the nine months reached QR2.32, which equals earnings per share for the same period last year.
The company's total assets reached QR65bn, an 86 percent increase over QR35bn as of December 31, 2009.
Increased revenues from rents and services and profit on sale of properties and projects and sale of Barwa stake in a subsidiary, along with other unconditioned returns, resulted in Barwa being exempted from some commitments, and profits from re-appraising Barwa real estate investments, led to this increase in net profits during the first nine months of 2010.
The first nine months profits of 2010 was positively reflected on share profitability and growth, both were good signals of Barwa taking the right direction and picking up the right options. Barwa focuses on contributing to the economic and urban boom that is witnessed by Qatar in all real estate and supporting activities and services, the company said. On the other hand, Barwa village project and Masaken Al-Sailiyah were handed over to tenants during 2010. In addition, acquiring Al-aqaria positively contributed to revenues from rent which amounted to QR289m, a 139 per cent increase over the same period last year.
Other Barwa developments are on track. Around 60 percent of the construction works of Barwa City were completed, while 76 percent of Barwa Alsadd works have been completed. The project is expected to be completed and operated during the second quarter of 2011. Barwa Commercial Avenue has seen completion of 50 percent of all project works.
Barwa has finalised the initial engineering studies to one of the mega tourism resorts on Qatar. The project, named Salwa Bay Resort, will be located on the western south cos. Two options of project site are being studied and is expected to be developed over six years.
© The Peninsula 2010
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