Barwa Real Estate Group’s net profit attributable to the shareholders of the parent company stood at QR724m for the financial period ended on September 30, 2020. Barwa’s earnings per share is at QR0.19, while assets reached QR32bn, with total equity attributable to the shareholders of the parent company amounting to QR19.8bn.

The decrease in net profit during the third quarter of the year, when compared to the same period last year, is due to non-recurring items in nature such as impairment losses. The company, however, succeeded in enhancing its continuous operating income, as net rental income increased by 15 percent, in addition to the decrease in general and administrative expenses by 12 percent, as well as a decrease in net financing costs, which contributed to the increase in the group’s net cash income for the period.

During the third quarter of 2020, the group signed a financing contract worth QR2.725bn to refinance existing credit facilities, in order to strengthen the group’s cash position during the coming period.

Despite the challenges facing the real estate market due to Covid 19 pandemic, the company works towards developing a balanced real estate portfolio which helps face market fluctuations and supports continuous operational revenues.

The group has recently succeeded in strengthening its real estate portfolio with many new operational projects. This includes the affordable residential city ‘Mukaynis Compound’. This project is in partnership with the Qatari government to support government efforts to improve workers’ accommodations and meet the needs of the local market for workers housing in line with the Qatar National Vision 2030 and Qatar’s preparations to host the Qatar 2022 World Cup.

The project, which is located on Salwa Road, offers 3,170 residential units with 25,360 rooms in addition to retail units, hypermarket and mosques. It also includes a security centre and government service centre, as well as parking lot for cars and buses. Barwa Real Estate started leasing activities for phase one, through its subsidiary Waseef Asset & Facility Management in July 2019, and has also started leasing activities for phase 2.

The Al Baraha workshops and storages, is the second phase of the Barwa Al Baraha project, offering 561 stores with an area of 300sqm each, and 118 workshops with an area of 144sqm each. The current occupancy rate of the project is 91 percent for workshops and 71 percent for warehouses.

The second phase of the Al Khor sports facilities project includes 516 apartments with a total built up area of 53,639sqm, in addition to a hypermarket and a multi-purpose hall. Construction work was completed at the end of last year and the project was rented out during this year. The current occupancy rate of the project is 68.41 percent.

The Dara (A) project, which is the first phase of the Dara project in Lusail City, covers a land area of 16,412sqm with total built up area of 54,630sqm. The project offers 271 apartments of various sizes. The company has started sales for the project units.
Barwa will continue developing its real estate portfolio through developing upcoming projects which include the phase three of Madinat Mawater, in which implementation began in August 2019. The project is being developed on a land of 340,000sqm, and will offer 118 used car showrooms, hypermarket, car service centres, a centre for selling car parts and a showroom for a car dealership. This is considered an extension of the first and second phases of the project.

During this period, an agreement was signed through a Public-Private Partnership (PPP), to develop Qatar schools (Package one), with expected date of completion by 2022. The group is currently working on completing the necessary procedures for implementing two projects in Al Wakrah City. One of the two projects will be workers accommodation while the other project will be an integrated residential city for families with limited income.

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