25/07/2018 08:41 AST

Barwa Real Estate Group, one of the leading real estate and investment companies in Qatar and the region, has reported a net profit (attributable to the shareholders of the company) of QR804m for the first half of the year (H1) ended June 30, 2018, down by 11.84 percent compared to QR912m for the corresponding period last year.

The Group successfully enhanced its operating revenues through increasing its rental income by QR51m representing an increase of 8 percent compared to the same period in 2017, despite the decrease in net profit for the period compared to the same period in 2017, resulting from the decrease in profits of non-recurring items such as property valuation gains. The Group aims to increase its operating revenues with the start of the operation of the new projects currently under construction that are expected to be completed in 2018, such as the Laborers’ Housing Project on Salwa Road, Phase 2 of Madinat Al Mawater, the Barwa Village extension project and the Dara A project.

The Group’s results reflect Barwa’s keenness to increase its sustainable returns to its shareholders through the continued growth of its portfolio of revenue generating assets and at the same time improving the efficiency of existing operational projects.

Barwa aims to increase its sustainable returns to its shareholders through increasing operational projects by making the best investment use of the Group’s land bank in order to develop new projects such as the Barwa Village Extension project and the Dara A project.

Moreover, the Company is finalising plans to start the development of several projects including Phase-III of Barwa Al Baraha project and Phase-III of Madinah Al Mawater project. It is also keen on enhancing the partnership with the Government to develop real estate projects that contribute to fulfill the needs of Qatar’s citizens and residents, and fulfilling the Group’s role as the largest real estate developer in the country.

During the six months period ended 30 June 2018, Barwa accomplished a number of key achievements, maintaining a cash balance amounting to QR2bn that is sufficient to cover the Group’s operations and to support the execution of its investment strategy.

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