Barwa Net Profit in 2016 Drop 47.4% to QR 1605 Million

 

 

February 08, 2017

 

Barwa Real Estate net profit is QR1605 million compared to QR 3056 million for the same period of the previous year. Earnings per Share (EPS) amounted to QR4.13 compared to QR7.86 for the same period of the previous year. The Board of Directors recommended distributing a cash dividend of QR 2.5 per share.  

 

The Group's Comment

The company's total revenues from rent and finance settled at the level of QR1008 million, slightly up. Consultancy services also hiked to QR146.1 million. Adding net profit from the positive change in the fair value worth QR668 million; deducting administrative and public expenses, which dropped by QR21.5 million to 240.7 million; deducting net financing cost worth QR 81 million, then the net profit attributable to the shareholders drops to 1605.3 million, compared to QR 2947 million in the previous year. Notably, a great part of the profit made last year was the result of the sale of properties worth QR 2.7 billion.