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Barwa records QR1,405 million profits for 2010

Doha, Qatar, 22 February 2011: The Barwa Group , one of Qatar's global leading investment and real estate companies, has announced net profits of QR 1,405 million for the period January - December 2010, an 84% per cent increase over QR 766 net profits for the corresponding period in 2009. These results reflect Barwa 's continuing growth and its ability to achieve increasing returns to its shareholders. In 2010, earnings per share (EPS) reached QR 4.06, compared to QR 2.92 per share during 2009, a 39% increase. This was despite the increase in the company's shareholding capital, through the acquisition of Qatar Real Estate Investment Company ( Al Aqaria ).

The company's total assets reached QR74 billion, a 111% per cent increase over QR35 billion as at 31 December 2009. Further, total revenues increased to QR8 billion, compared to QR 3 billion in 2009.

Increased revenues from rents and services and profit on the sale of properties and projects and sale of Barwa 's stake in a subsidiary, along with other exceptional returns resulting from Barwa being exempted from some commitments, led to this increase in net profits during 2010.

The acquisition of Al Aqaria - completed in May 2010 - positively contributed to net profits by QR509 million. In addition, the acquisition of 60% of Barwa Al-Khor Co., led to gains amounting to QR2.2 billion. Barwa Bank also acquired First Leasing Co. and First Finance, which led to increased revenues as well as to net profits, and contributed to an increase in the overall asset base of the company.

Barwa adopted a strategy during 2010 to implement internationally recognized accounting standards in making reserves and allocations, while maintaining the best results, profitability and earnings per share.

Other highlights for 2010 included the completion of Masaken Al Sailiya and Barwa Village developments in Qatar, the purchase of the Park House plot in London's Oxford Street, and the closure of the Shariah compliant Barwa Gazprombank Russia Real Estate Fund.

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About BARWA :
Barwa is one of Qatar's leading real estate and investment companies with a vision to support the sustainable growth of Qatar and build its future by investing in businesses, services and expertise both locally and internationally.

Barwa strives to provide quality large-scale developments to customers in a timely and cost-effective manner and to deliver sustainable high returns to shareholders. Continuously, Barwa seeks to implement best business practices, while empowering its valued employees. In doing so, Barwa is recognized as a reliable global Qatari company, renowned for its leadership in investment, real estate development and related services.

The company has grown rapidly since it was established in 2005 to include 21 businesses in five business segments: local real estate; international real estate; infrastructure investment; business services; and financial services and investments. Supporting these units is a group of business services such as project and programme management, facilities management, training and research. Under the company's umbrella are some of Qatar's pre-eminent projects including Barwa Financial District, Barwa Village, Masaken Mesaimeer and Al Sailiya, Barwa Commercial Avenue and Barwa City, as well as major international investments such as Barwa New Cairo in Egypt, the Ottoman Project in Turkey and the Astrakhan Project in Russia.

Barwa is listed on the Qatar Stock Exchange, with a market capitalization of over QR 11 billion and employs some 600 people, almost half of whom are Qataris. While the company's main activities are in Qatar, it also has extended its operations and interests overseas with projects and investments in 13 other countries.

www.barwa.com.qa

For further information, kindly contact:
Kamal Nasrallah- Asdaa Burson-Marsteller
Mobile: +974 66995473
Email: k.nasrallah@asdaa.com

© Press Release 2011