(MENAFN - The Peninsula) The Peninsula

DOHA: Barwa Real Estate Group, one of the leading real estate and investment companies in Qatar and the region, reported QR1.7bn as net profit attributable to the shareholders of the parent company for the financial year ended December 31, 2017. The Group's earnings per share amounted to QR4.38 with an increase of QR 100m, representing 6 percent increase compared to a year ago.

Barwa has succeeded in enhancing its operating revenues through increasing its net rental income by QR140m, an increase of 18 percent compared to 2016 as a result of the increase in occupancy rates of Barwa AlBaraha Workers Accommodation and start of the operations of several new projects during the year such as Shell's staff housing project and phase one of Madinat AlMawater.

Also, the net revenue of consultancy services and other services increased by QR85m. The improvement in the Group's operating revenue was reflected in the total equity attributable to the equity holders of the parent company which increased by QR695m reaching the balance of QR18.9bn as of December 31, 2017. The total assets increased by QR599m while the Group's liabilities decreased by QR181m.

Salah bin Ghanim Al Ali, Chairman of the Board of Directors, said that the results of the Group represents the beginning to reap the benefits achieved during recent years in which the current and former Boards have worked on developing, following up and supporting new project development plans, in addition to continuing to enhance the operational efficiency for the current operating projects in order to maximize the benefit of the

Group's assets as it has a diversified real estate portfolio of properties including housing units, workers' housing, warehouses, offices, shops and showrooms. Moreover, the Group has over 5.5 million square meters of land plots inside Qatar and the Executive Management is currently developing its own investment plans in order to achieve the sustainable growth.

The Chairman stressed that the Board of Directors will make every effort to cooperate with the Executive Management to pursue the developmental path of the Group and put Barwa in its real position as the largest developer in the Qatari real estate market.

He also stressed that the Group's objective is to achieve the maximum returns to its shareholders without ignoring its role as one of the pillars of the ongoing comprehensive development in our beloved country in all fields under the sponsorship and support of the Emir H H Sheikh Tamim bin Hamad Al Thani.

Salman bin Mohammed Al Mohannadi, Group Chief Executive Officer, explained that the financial year 2017 witnessed many achievements in spite of the siege conditions and the obstacles resulting from it. However, thanks to the wisdom of the government and the means and precautions taken to counter the impact of the siege, Barwa has managed to overcome these obstacles and had many important achievements, including, the completion of the construction of phase one of Madinat Al-Mawarat Project and the start of its operations and also the start of operations of Barwa AlKhor - housing staff project for Shell employees.

The other projects included leasing of the entire Mustawdaat Project for 10 years and a half with a total value of QR755m. The Group's real estate portfolio has grown to include 6,639 housing units, 12,706 worker rooms and 265,000 square meters of shops, showrooms and offices during the period.

The board of directors recommended to distribute 25 percent of cash dividends to shareholders of the company.

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