Yesterday, Barwa Real Estate Group held the company’s Ordinary General Assembly meeting, where it approved the Board of Directors’ proposal to distribute cash dividends of 0.175 riyals, or 17.5% of the nominal value of the share, and elected the Chairman of the Board of Directors, his deputy and members of the Board of Directors for a period of three years (2023-2025). .
The Ordinary General Assembly, chaired by His Excellency Mr. Salah bin Ghanim Al-Ali, Chairman of the Board of Directors, approved the Board of Directors’ report on the company’s activities and its financial position for the fiscal year ending on 12/31/2022, in addition to the company’s future plan for the year 2023, in addition to approving the auditor’s report on The financial statements for the year 2022 and the company’s compliance with the Qatar Financial Markets Authority’s legislation related to the corporate governance law and its compliance also with the internal controls for preparing financial reports for the past year, appointing auditors for the fiscal year 2023 and determining their fees, as well as approving the corporate governance report, the Sharia supervision report for the year 2022 and appointing a board Sharia Supervision for the fiscal year 2023.
The company’s general budget and the profit or loss account for the fiscal year ending on 12/31/2022 were also approved, and the members of the Board of Directors were discharged from liability and their rewards determined.
During the Ordinary General Assembly, His Excellency Mr. Salah bin Ghanim Al Ali, Chairman of the Board, reviewed the report of the Board of Directors, which included a comprehensive presentation on the company’s activities, performance, and consolidated financial statements for the year 2022, as well as its future plans.
His Excellency said, “During the year 2022, Barwa Real Estate Group was able to implement its work plan, which was developed with precision and care to keep pace with the requirements of this exceptional year, which witnessed the successful organization of international certificates for the FIFA World Cup Qatar 2022, and this required all of us to put all our efforts, knowledge and experience into practice. More than ever before, to fulfill our duties in supporting the country’s needs to reach this global success, so that the group continues to maintain its leading national leadership in the field of real estate development.”
In terms of financial performance, His Excellency said that the company was able to achieve an annual growth in its profits for the year 2022 by 2.18 percent, to reach 1.138 billion riyals, compared to 1.113 billion riyals in 2021, and earnings per share amounted to 0.292 riyals in 2022, compared to a profit of 0.286 riyals in the previous year. In the same period of the previous year, Barwa Real Estate also achieved a high level of operating revenues amounting to 1.746 billion riyals as rental income, in addition to achieving revenues from consulting and other services amounting to 336.5 million riyals.
His Excellency the Chairman of the Board explained that one of the main objectives of the company is to develop a balanced real estate portfolio that faces the risk of fluctuations in the real estate market, meets its needs, supports the development plans of the state, and takes into account the social responsibility of the company. Contributes to increasing sustainable returns for shareholders.
In a related context, Mr. Abdullah bin Jabara Al-Rumaihi, CEO of Barwa Real Estate Group, said: The year 2022 was an exceptional year for the country. It is crowned with high ratings from international institutions.
Al-Rumaihi stressed that the successive achievements achieved by Barwa Real Estate year after year necessitate the continuation of giving to keep pace with the economic growth process witnessed by the country, and contribute to advancing the progress and development of the real estate sector, which is consistent with the realization of Qatar National Vision 2030.
He added: The group will continue to invest wisely in development opportunities that add more diversity to its portfolio, through partnership projects between the public and private sectors, as well as from the land stock owned by Barwa Real Estate in promising cities, which creates a base for stable investment projects that protects it from economic market fluctuations, and ensures an increase Its ability to produce free cash flows.
After that, the company’s Ordinary General Assembly elected members of the Board of Directors for the period (2023-2025), and the new Board of Directors held a meeting after announcing the results, during which Mr. Abdullah Hamad Abdullah Al-Attiyah was chosen as Chairman of the Board of Directors of Barwa Real Estate Group, and Mr. Faisal Abdul Wahed Al-Hammadi as Vice-Chairman of the Board.
