Feb 23 2011 |
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Barwa net profit jumps 84 percent
DOHA: The Barwa Group, one of Qatar's leading investment and real estate companies, has announced net profits of QR1.40bn in 2010, up 84 percent over QR766m net profits for the corresponding period in 2009.The Group said these results reflect Barwa's continuing growth and its ability to achieve increasing returns to its shareholders. In 2010, earnings per share (EPS) reached QR4.06, compared to QR2.92 per share during 2009, or 39 percent 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 QR74bn, a 111 percent increase over QR35bn as at December 31, 2009. Further, total revenues increased to QR8bn compared to QR3bn 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.
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.
© The Peninsula 2011
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