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Qatar’s Barwa Real Estate Q2 net profit nearly trebles

Qatar’s Barwa Real Estate , one of the Gulf Arab state’s largest listed developers, reported a near-trebling of second-quarter net profit on Monday, according to Reuters calculations.

 

Barwa made a net profit of QAR550 million ($151.1 million) in the three months to June 30, Reuters calculated based on previous financial statements in the absence of a quarterly breakdown.

 

This compares with a profit of QAR193m in the prior-year period, Reuters data shows.

 

Barwa made a net profit of QAR1.20 billion in the first half of 2016, compared with QAR3.45bn in the corresponding period of last year, a bourse statement showed.

 

Qatari Diar, a real estate-focused unit of sovereign wealth fund the Qatar Investment Authority, owns 45 per cent of Barwa.