DOHA: Barwa Real Estate Group reported a net profit of QR779m for the first nine months in 2012 compared with QR833m for the same period in 2011. The group’s earnings per share also declined from QR2.14 to QR2 during the period compared to 2011.
The group yesterday said that the financial results reflect its successful strategy which focuses on improving efficiency of operations in order to reduce its costs and expenses. As well as increasing cash and operating revenues and determining the appropriate investment opportunities and methods to obtain target returns through selling or operating those investments.
All of which are 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, the group spokesperson said yesterday.
“Barwa Real Estate also succeeded in selling one of its real estate portfolios in Europe in addition to selling one of its hotels in Qatar.
The group was able to significantly reduce costs and expenses without affecting its activities, which accordingly resulted in reducing its operating and administrative costs by 34 percent in spite of the growth of its operating income. Moreover, the group managed to reduce its financing costs by 42 percent compared to the same period of the year 2011”.
Barwa Real Estate is now focusing on the completion of its projects under development and on the growth of its real estate investments which align with its strategy of sustainable development.
Barwa had announced earlier selling two of its assets in Qatar and Egypt in order to reduce loans, which will be reflected on the group business, financial statements and future policies.