Barwa Real Estate Group announced its financial results for the period ending on March 31, 2023.
The results showed that net profits attributable to the shareholders of the parent company amounted to 235 million riyals, an increase of 3% over the same period in 2022, and the group succeeded in increasing rental revenues for the same period by 3%. The total assets of the group amounted to 40 billion riyals, and the total equity of shareholders of the parent company amounted to 21 billion riyals.
As a result of the group’s success in developing a balanced real estate portfolio that helps to cope with market fluctuations, Barwa has achieved a high level of operating revenues amounting to 456 million riyals as rental income, in addition to achieving revenues from consulting and other services amounting to 77 million riyals.
After receiving Madinatuna and Al Hay Al Argentinian projects from the Supreme Committee for Delivery & Legacy, the group started leasing activities as the actual occupancy of the two projects by the tenants began.
The group continues to develop and study many new projects, which will contribute to the growth of the company’s operating revenues and enhance the sustainable growth of its shareholders’ returns, including:
The third phase of the Madinat Al Mawater project, where the project is located on a land area of 340,000 square meters. This phase includes 118 showrooms, hypermarkets, car service centers, a center for selling auto parts, and a showroom for a car agency. This phase is an extension of the first and second phases of the project.
– Barwa also continues to study the stock of land space available to it, to determine its optimal use, including lands located in Lusail City and other strategic locations in the State of Qatar, which helps support the financial position of the group and contributes to the development of sustainable revenues.
With regard to its international and financial investments, Barwa regularly evaluates the performance of these investments and formulates appropriate strategies to enhance their returns.
The group is always keen to strengthen the principle of partnership with the government of the State of Qatar, to develop more real estate projects, which aim to meet the needs of the real estate market, in line with the Qatar National Vision 2030, and support the company’s sustainable growth strategy and consolidate its position as a leading national company in the field of real estate development.
