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Qatar’s Barwa Real Estate has recorded a net profit of US $102.7 million (QAR374 million) for the first half of this year, it was announced yesterday.
Profits for the six month period, which ended June 30, grew by 35% compared to $76 million made this time last year.
“Financial results recorded during the first half of 2009 show the increasingly improving performance of the company,” said acting president of business development Majid Al Badr.
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“Despite the turmoil seen in many international real estate markets, the company is on its way, supported by its local and global partners, to achieve its objectives.”
In addition to an increase in net profits, total assets of the company have risen to $7.5 billion, a 12% rise compared to $6.6 billion the same period in 2008.
According to Barwa, re-evaluation of some properties under construction, in line with amendments made to international standards of financial reports, contributed to increase in earnings.
The company has tapped into new business activities to diversify its income resources and reinforce its cash flows in line with its short-term and long-term strategies.
Barwa’s projects, which are currently under progress, include Commercial District, Barwa Village, Barwa Al Sass and Barwa City in Qatar.
Barwa Real Estate is also set to build a $9 billion project in Cairo early next year.
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