(The Group's Comments) Barwa Net Profit Rises to QR 414 Million in Q1 2019

April 30, 2019

Profits: Barwa Real Estate Development Co.’s first quarter profit increased by 2.30% to reach 414.3 million riyals compared to 405.0 million riyals and the share's return was 1.06 riyals compared to 1.04 riyals.

Comprehensive Income: The Company recorded an assessment profit through the statement of comprehensive income of SR 6.42 million, compared to SR 2.46 million for the same period of 2018.

Revenue: from leasing and leasing decreased by 11% and amounted to SR 228.1 million compared to SR 256.5 million. Income from consultancy services decreased by SR 11.9 million, but the related expenses decreased by SR 16.3 million resulting in an increase in net income Services from 17.9 million to 22.4 million riyals.

Operating profit before interest, tax, depreciation and amortization: The profits of this item rose to QR 495.7 million in the first quarter of 2019, compared to QR 441.0 million for the corresponding period of 2018. This increase in profits is due to the revaluation profits of real estate investments, which increased by QR 81.1 million.

Financing Costs: The 2019 first quarter’s net financing costs increased to QR 70.0 million, compared to QR 33.2 million for the same quarter of 2018.