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Posted On: 12 March 2020 09:41 am
Updated On: 12 March 2020 09:50 am

Barwa Group announces QR 1.5 billion profit in 2019

Sumaica Asad
Sumaica Asad
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Barwa

Barwa Real Estate Group, one of the leading real estate and investment companies in Qatar and the region, announced its results for the financial year ended 31 December 2019.

The results showed a net profit attributable to the shareholders of the parent company of QR 1,503 Million and earnings per share amounted to QR 0.39, the company said in a statement.

The Board of Directors of Barwa Real Estate Company proposed to the General Assembly the distribution of a cash dividend of 20 percent (QR 0.20 per share).

Despite the challenges faced by the real estate market during the year 2019, Barwa Real Estate Group has worked hard to accommodate these challenges and reduce their impact as much as possible. Barwa was keen to support its sustainable income as the Group has achieved recurring operating revenues amounted to QAR 1,556 million, mostly came from lease income of the Group's projects. Barwa also has succeeded to decrease the general and administrative expenses with an amount of QAR 21 million equivalent to 8 percent compared to 2018.

On the other side, the net profit has been decreased compared to last year as a result of a decrease in the non-recurring profits such as the sale of properties, gain on debt restructure in addition to the adoption of International Financial Reporting Standard 16.

Source: QNA