Barwa Real Estate announces 38.4% growth in net profit for H1 2008

Net profit for the first half of 2008 grew by 38.4% compared to the same period in 2007. Earnings per share rose to QR1.13, an increase of 18.95% from the figure revealed in 2007.

Barwa again posted record total assets of QR24.2bn, a rise of 53.2%, amounting to QR8.4bn, compared to December 31st, 2007. The record results are due to the geographic expansion and the surge in the value of the company's projects.

Despite the turmoil seen in many international real estate markets, the impressive performance is due to the company's Board of Directors' ability to select the right investment opportunities available in the regional and international markets as well as the existence of a strong strategy aiming at diversifying investment portfolios and mitigating risks.

Drawing strength from the confidence placed in the company by its investors and shareholders, Barwa has taken major strides towards achieving the well selected and planned company's targets, increasing the company's share capital by 31.25% to QR2.625bn in the first quarter of 2008. Total shareholders' equity now stands at QR4.718bn at December 30th 2008.

The financial results, achieved by the company in the first half of 2008, reveal clearly the route Barwa is taking, demonstrating continual forward movement with improved performance.

Barwa remains confident of future prospects, with projects running according to their set schedule and plan. The company continues to retain the support of its partners, in particular government institutions, consultants, financial corporations and construction and contracting companies.