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The Barwa City in Mesaimeer. Substantial capital gains from sale of properties and higher rental earnings helped Barwa to post higher profit in January-September.
Barwa Real Estate Company’s January-September net profit has jumped 44% to QR673.43mn on substantial capital gains from sale of properties and higher rental earnings.
Rental income rose 7% to QR603.75mn, income from consultancy and other related services by 21% to QR275.49mn and profit on disposal of properties surged to QR296.19mn,
Share of results of equity-accounted investees fell 44% to QR34.06mn and other income by 56% to QR143.13mn; nevertheless its total revenues and gains were up 10% to QR1.3bn.
Total expenses and losses widened by 8% to QR935.82mn mainly on a 31% surge in operating expenses to QR367.93mn, even though general and administrative expenses were down 24% to QR196.35mn, net finance costs by 28% to QR204.26mn and despite QR125.57mn impairment charges.
Total assets were valued at QR28.82bn, comprising investments of QR11bn in properties; advances of QR4.75bn for projects and investments; trading properties worth QR3.74bn; receivables and prepayments of QR2.96bn; finance lease receivables of QR2.27bn; cash and bank balances of QR1.31bn and non-current assets and assets of disposal group classified as ‘held-for-sale’ of QR1.09bn.
Total equity stood at QR16.26bn on a capital base of QR3.89bn and earnings-per-share was QR1.73 at the end of nine-month ended September 30, 2014.
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