Barwa Announces Financial Results for the first nine months of this year

QNA

Doha: Barwa Real Estate Group announced its results for the period ended on September 30, 2020. The financial results showed a net profit attributable to the shareholders from the parent company amounted to QR 724 million.

Earnings per share amounted to QR 0.19, while assets amounted to QR 32 Billion, with total equity attributable to the shareholders of the parent company amounting to QR 19.8 billion.

Despite the decrease in net profit for the period ending on September 30, 2020 compared to the same period last year, this decrease is due to non-recurring items in nature such as impairment losses. The company, however, succeeded in enhancing its continuous operating income, as net rental income increased by 15%, in addition to the decrease in general and administrative expenses by 12%, as well as a decrease in net financing costs, which contributed to the increase in the group’s net cash income for the period.

During the period ending on September 30, 2020, the group signed a financing contracts worth QR 2,725 million aiming to refinance existing credit facilities, in order to strengthen the group’s cash position during the coming period.

Despite the challenges facing the real estate market due to COVID-19, the company works towards developing a balanced real estate portfolio which helps face market fluctuations and supports continuous operational revenues. The group has recently succeeded in strengthening its real estate portfolio with many new operational projects.