DOHA: Barwa Real Estate Group announced yesterday its financial results for the year ended December 31, 2012.
The group’s results showed a net profit of QR1.17bn, with QR3.01 per share for the year 2012, compared to QR1.42bn and QR3.64 profit per share for the year 2011, a press statement said yesterday.
The Board of Directors proposed a cash dividend of 10 percent from the outstanding share capital amounting to QR1 per share, to be put forward during the Ordinary General Assembly Meeting.
According to the group, the positive financial results reflect its adopted strategy, which puts particular emphasis on improving the growth of its operations and reducing its costs and expenses which is represented in reducing general and operating costs by 51 percent.
The rental income increased 18 percent to reach QR741m for the year 2012, compared to QR623m for 2011. The group was keen to identify appropriate investment opportunities and methods to obtain target returns through selling or operating those investments.
All of these were achieved without deviating from the group strategy, which aims to maximise the return on shareholders and increase cash flow in a sustainable and continuous manner. Barwa Real Estate succeeded in selling one of its real estate portfolios in Europe and one of its hotels in Qatar. Additionally, the group sold a large real estate investment in Al Khor. Those transactions had resulted in reducing the overall obligations of the group by 30 percent which led to a reduction of its financing costs by 74 percent compared to 2011.
Barwa Real Estate Group is now focusing on the completion of its projects under development. The group is seizing investment opportunities which align with its strategy of sustainable growth. In February it signed a sale agreement of its investments in Egypt, a step which will positively reflect on the reduction of both financing debts and financing costs.
The Peninsula
