Barwa Real Estate Co. Discloses Interim Financial Statement for Six Month Period Ended 30 June 2017

July 25, 2017

Barwa Real Estate Company disclosed its reviewed financial statements for the period ended on 30.06.2017. The statements show that the net profit is QR 911,958 Million compared to a net profit amounted to QR 1,200.55 Million for the same period of the previous year.

The Earnings per Share (EPS) amounted to QR 2.34 for the period ended 30 June 2017 compared to an EPS that amounted to QR 3.09 for the same period of the previous year.

The Group's Comment

Barwa Real Estate's total income dropped by QR20.3 million to QR 497.6 million in the second quarter of this year. This decline is attributed to a decline in leasing revenues by QR82.8 million to QR 30.6 million, coupled with rise in the rentals worth QR63.5 million to QR 467 million. The company's share from associate companies increased to QR54.9 million, while public and administrative expenses fell marginally to QR 108.8 million. Net financing cost increased by 20% to QR40.1 million. The important actor that affected the result was the net profit posted from the positive change in the real value of real estate investments, which amounted to QR 469 million, compared to 630.2 million in the same period last year. As result, net profit dropped by 24.2% to QR 917.9 million. Comprehensive income amounted to QR 903 million.