Barwa Real Estate
Barwa Real Estate Group (a Qatari public shareholding company) announced today that it has achieved an annual net profit of one billion and 214 million riyals for the year 2020, compared to a net profit for the year 2019, amounting to one billion and 503 million riyals.
The group stated that the return on the share for the year 2020 amounted to 0.31 riyals, compared to a return on it of 0.39 riyals for the year 2019.
She indicated that the group’s total assets amounted to 33.1 billion riyals, while the total equity of the shareholders of the parent company amounted to 20.3 billion riyals.
It stated that the Board of Directors of Barwa Real Estate Company recommended the general assembly of shareholders to distribute cash dividends at a rate of 12.5% (at 0.125 riyals per share) based on the financial performance of the group, its cash position and future development plans.
Barwa returned the decline in its net profit for the fiscal year 2020 compared to 2019, to “non-recurring items in nature, such as real estate investment appraisal profits,” noting that despite this, it succeeded in enhancing its continuous operating revenues, as rental income increased by 155 million riyals, equivalent to 13% of Rental income for the year 2019, amid the impact of the Corona / Covid-19 / pandemic.
It pointed out that during the fiscal year 2020, it succeeded in signing financing contracts worth 3.4 billion riyals with the aim of refinancing existing credit facilities in a way that would contribute to strengthening the group’s cash position during the coming period.