BARWA projects on schedule and its profits exceed expectations

Investors' and journalists' inquiries and questions related to information and figures stated in the half yearly financials for the period ended June 30th, 2008 were answered.

The press conference followed BARWA's disclosure of its half yearly financials on August 13th, 2008.

Net profit for the first half of 2008 grew 38.4% and BARWA's total assets surged to QR24.2bn, a rise of 53.2%.

The record results and impressive performance of the company are due to the qualitative and geographic expansion and verification of income resources.

"Financial results recorded during the first half of 2008 show the increasingly improved performance of the company. Furthermore, projects achieved within schedule increase BARWA's confidence of its future projections and the support the company gets from partners, government and financial bodies, as well as other consultancies and contracting companies,"

said Mr. Mohammad Al-Hedfa, Chief Officer Special Projects, BARWA Real Estate.

"Despite the turmoil witnessed by the international markets, BARWA's impressive performance is due to the Management team's ability to select prime opportunities available in the regional and international markets and to the existence of a clear strategy aiming at diversifying income resources and risk mitigations," said Mr. Tamer Khedr, Group Chief Finance Officer.

"A clear manifestation of BARWA's milestone achievements towards its goals as planned and approved by the Board of Directors is the increase of its capital by 25% to be QR 2.625bn during the first quarter of the current year," added Mr. Khedr.

"Despite BARWA's main focus on local and international business activities, we have an enduring commitment to contribute to the social and economic betterment of society. To support this commitment, the company has developed a wide-embracing program of corporate social responsibility activities, including donations to a wide variety of philanthropic activities and social, sport and educational events," concluded Dr. Yousef Mohammad Al-Horr, Deputy CEO for Operations, BARWA Real Estate.

"Through its commercial and residential projects in Qatar, in addition to its international projects and investments, BARWA Real Estate offers holistic innovative housing solutions. Among these prominent projects are BARWA Al Baraha, BARWA Al Doha, BARWA City, BARWA Al Khor, BARWA Al Rayan, BARWA Commercial Avenue, BARWA Financial District, BARWA Housing Program and BARWA Al Sadd," Dr. Al Horr added.