Barwa Real Estate profit rises 27.3pc

March 14, 2014 - 6:37:03 am
DUBAI: Qatar’s Barwa Real Estate  said yesterday that its 2013 net profit rose 27.3 percent, indicating that the Gulf Arab state’s largest listed developer made a significant fourth-quarter net profit.

Barwa, which agreed a $7.1bn financial assistance package with real estate firm Qatari Diar in June, made QR1.4bn ($384.5m) in 2013, up from QR1.1bn in the prior year, according to a bourse filing. The firm did not provide a quarterly breakdown.

However, given that the nine-month profit reported in October was 40 percent lower year-on-year at QR467.5m, this points to Barwa making a net profit of more than QR900m in the final three months of the year. Barwa made a net profit of QR392m in the final quarter of 2012, according to Thomson Reuters data.

The board of Barwa has recommended a cash dividend of 20 percent of the capital to be distributed to shareholders for 2013, the bourse filing added.