DOHA: The Barwa Group, one of Qatar's leading investment and real estate companies, has announced net profit QR548m in the first quarter (Q1) of 2011, up 161 per cent over QR210m for the corresponding period in 2010.
Earnings per share (EPS) reached QR1.41, compared to QR0.80 per share for the corresponding period last year. Total revenues increased to QR1.31bn a 97 percent increase over QR665m for Q1 last year, said a release.
Increased revenues from rents and services and profit 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 to this increase in net profits.
Barwa Bank has expanded its activities this year compared to last year which positively contributed to the increase in the Group's consolidated revenues during this period.
The first three months profits of 2011 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.
It is expected that Barwa Al-Sadd and the first phase of Barwa Commercial Avenue start the operation during this year, which will increase rent revenues and foster the Group's cash flows.
© The Peninsula 2011
