Apr 30 2011 |
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Barwa records QR548 million profits in three months of 2011
Doha,Qatar, 30 April 2010: The Barwa Group, one of Qatar's global leading investmentand real estate companies, has announced its interim consolidated financialsfor the first quarter of 2011. During this period, Barwa has recorded netprofits of QR548 million, a 161 per cent increase over the profits of QR210 millionfor the same period last year.Over the three months, Barwa earnings per share (EPS) reached QR1.41,compared to QR 0.80 per share for the same period last year. Further, totalrevenues increased to QR 1,313, a 97% increase over QR 665 for the same periodlast year.
Increased revenues from rents and services andprofit on sale of properties and projects and sale of BARWA stake in a subsidiary,along with profits from re-appraising BARWA real estate investments, led tothis increase in net profits. Further, Barwa Bank has expanded its activitiesduring 2011 compared to last year which positively contributed to the increasein the Group's consolidated revenues during this period.
The first three months profits of 2011was positively reflected on share profitability and growth, both were goodsignals of BARWA taking the right direction and picking up the right options. Barwa focuses on contributing to the economic and urban boom that is witnessedby Qatar in all real estate and supporting activities and services.
-Ends-
BARWA is one of Qatar's leadingreal estate and investment companies, established in 2005 with the mission ofcontributing to the sustainable growth of Qatar by investing in businesses,services and expertise. With business interests in real-estate, infrastructure,business services and financial services, BARWA 's drive and determination comesfrom working in tandem with the Qatari Government's overarching developmentplan, the Qatar Vision 2030, which stresses human, social, economic andenvironmental development.
BARWA aims to be one of the mostsuccessful real estate and investment companies in the world, with a home in Qatar and abusiness operating around the globe.
BARWA 's flagship projectsinclude: Barwa Financial District, Barwa Commercial Avenue, Barwa Al Sadd, Barwa Village, Barwa Al Khor, Masaken Al Sailiyah and Musaimeer. Supporting these projects arespecialized centers of excellence providing project management, developmentmanagement and asset management services.
www.barwa.com.qa
For further information, kindly contact:
Alaa Al-Assiuty - Media Specialist - BARWA
Mobile: +9744088897
Email: a.ibrahim@barwa.com.qa
© Press Release 2011
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