DOHA: Barwa Village achieved 85 to 95 percent occupancy in 2011 and is expected to maintain its occupancy levels for the coming years, while its affordable housing projects such as Masaken Al Mesaimeer and Masaken Al Sailiya are 100 percent occupied, the company announced it in its Ordinary Annual General Meeting held yesterday.
Barwa Real Estate Company yesterday held it's Ordinary Annual General Meeting, with a complete quorum of about 62 percent attendance. The Board of Directors discussed with shareholders all points listed on the meeting agenda, in addition to discussing and approving Auditors' report and Shariah Supervisory Board report. The meeting mainly covered host of issues:
It presented the Board of Directors' report on the activities of the company and its financial position for the financial year ended December 31, 2011, and also discussed and approved the company's future plan for the year 2012.
Hitmi bin Ali Al Hitmi, Chairman of Barwa Real Estate, presented the Board of Directors report on the company's activity and its financial situation for the year ended December 31, 2011, which included a full review of the company's achievements and its financial results in 2011 as well as the company's future plans for the year 2012.
Al Hitmi stated that Barwa has achieved excellent financial results over the past year, as it continued its achievements in the real estate sector. Moreover, Barwa continues to pursue its vision and strategic objectives through its continuous efforts to establish growth and success for the company on local, regional and global levels. He went through the accomplishments of the group during the year 2011.
The management of Barwa Real Estate succeeded in limiting the increase in operating costs significantly, despite the increase in operating income compared to previous years, as the percentage in operating costs increased to 24 percent in spite of the operating income which increased by 139 percent.
The percentage of operating expenses to operating income decreased from 43 percent in 2010 to 23 percent in 2011, which confirms the developed and enhanced performance of the group. The general and administrative expenses also decreased for the group to QR495m, which is 38 percent compared to 2010, as it decreased from QR1.3bn to QR792m.
The group has achieved good net profits and performance. However, the management prefers to be cautious by preparing large allocations to meet the economic conditions and regional situations, which enhances the group's asset base.
© The Peninsula 2012
