Barwa records QR548 million profits in three months of 2011

Barwa has recorded net profits of QR548 million, a 161 per cent increase over the profits of QR210 million for the same period last year

The Barwa Group, one of Qatar’s global leading investment and real estate companies, has announced its interim consolidated financials for the first quarter of 2011. During this period, Barwa has recorded net profits of QR548 million, a 161 per cent increase over the profits of QR210 million for 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, total revenues increased to QR 1,313, a 97% increase over QR 665 for the same period last year.

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. Further, Barwa Bank has expanded its activities during 2011 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 & the 1^st phase of Barwa Commercial Avenue shall go operational during this year which increase rent revenues and foster the Group’s cash flows.