Barwa Real Estate posts net profit of QR1.08bn

Barwa Real Estate Group has posted a net profit of QR1.08bn at the end of third quarter that ended in September this year.
The company’s earnings per share (EPS) stood at QR2.78 at the end of Q3. In the same period last year, Barwa had registered a net profit of QR1.22bn and earnings per share of QR 2.78.
Barwa Group “successfully enhanced” its operating revenues by increasing rental income (by QR70mn), which represents an increase of 8% compared to the same period in 2017.
Barwa said it “aims to increase its operating revenues by improving the efficiency of existing operational projects, in addition to supporting its operational real estate portfolio through new projects.”
During the period, Barwa said, it completed the construction work of the second phase of Madinat Al Mawater project and the Barwa Village extension project. 
This is in addition to finalising the development work of the ‘affordable housing’ project for labourers at Salwa Road, Dara A project and the ongoing development work of the other projects such as the Warehouses Project of Barwa Al Baraha and Al Khor Recreation Extension project.
Barwa said it “continues to study its available land bank in order to identify the optimal utilisation, thus helping to support the development of sustainable revenues, where it is expected to award the construction contracts of Phase Three of Barwa Al Baraha project and the Phase Three of Madinat Al Mawater project before the end of the year.” 
Barwa said “it is also keen on enhancing the partnership with the Government to create real estate development projects that contribute to meet the needs of citizens and residents in order to fulfil the role of the Group as the largest real estate developer in the country.” 
This has resulted in many projects such as the Affordable Housing project for labourers at Salwa Road, Madinat Al Mawater project and Mustawdaat project.
During the nine-month period that ended on September 30, Barwa made a number of “key achievements” including increasing the rental income, completion of the development of Mustawdaat project, the phase two of Madinat Al Mawater project and Barwa Village extension project.
During the period, Barwa finalised development work of the Affordable Housing project for laborers at Salwa Road and Dara project, and continuing the development of Al Baraha Warehouses project.
The real estate major also awarded a contract worth QR105mn for the Al Khor Recreation Extension project.