Qatar's Barwa Real Estate Q4 net profit doubles
Barwa Real Estate has reported more than doubling its Q4 net profit.
As Qatar’s largest listed developer, Barwa Real Estate reported more than doubling its fourth-quarter net profit, as well as an improved dividend payout for the full year.
A unit of the sovereign wealth fund’s real estate arm, the company earned a net profit of about QAR2.13bn ($585m) for the final quarter of 2014, up from QAR907.5m a year ago, according to Reuters calculations, reports Gulf Business.
The firm did not provide a breakdown of its quarterly results, so the figure were calculated based on its financial statements.
The firm earned QAR2.8bn for the full year, compared with QAR1.4bn in the prior year, according to the bourse filing.
Barwa also said its board recommended a cash dividend of QAR2.2 per share, compares with a cash dividend of QAR2 the board recommended for the previous year.
Qatari Diar, a company owned by the Qatar Investment Authority holds a 45% share in Barwa, which is the largest listed real estate company in Qatar in terms of real estate developments, and has a total asset capitalisation of approximately QR66bn as of 31 December 2011.