Barwa Real Estate Group announced achieving net profits attributable to the shareholders of the parent company amounting to QR190 million, an increase of 7% compared to the same period of the previous year.
The company issued a report in which it disclosed its financial results for the period ending on March 31, 2020.
The group’s total assets amounted to QR34 billion. The total equity of the parent company’s shareholders reached 20 billion riyals.
Barwa Real Estate Group
As a result of the group’s success in developing a balanced real estate portfolio that helps to cope with market fluctuations, and despite the effects of the pandemic on the global economy, the group has succeeded in boosting rental income and increasing it by 45%, which is a large percentage that reflects the size of planning and effort made at all levels.
The company also succeeded in rationalizing its various expenditures, which led to a decrease in general and administrative expenses by 21%, as well as a decrease in net financing costs by 9%, which contributed to an increase in the group’s net cash income for the period.
The group is also studying the economic feasibility of many development projects proposed by the Public Works Authority under the partnership system between the public and private sectors.
The group’s participation in any of these tenders will depend on its economic viability, in line with the group’s development strategy.
Barwa also continues to study the available vacant land stock to determine its optimal use, in a way that helps supporting the group’s financial position and contributes to the development of sustainable returns.
Despite the challenges facing the real estate market as a result of the pandemic, the company is proceeding with determination to develop a balanced real estate portfolio that helps coping with market fluctuations and supports continuous operating revenues.
The company’s development work continues in many new projects, which will contribute to the growth of the company’s operating revenues and the enhancement of the sustainable growth of the revenues of its shareholders.