Qatar’s Barwa posts $879m net profit for Q1 2015
The real-estate developer sees massive jump on $72.8m profit reported in 2014
Barwa Real Estate, one of the largest listed developers on the Qatar Stock Exchange, has posted a massive jump in its 2015 first-quarter net profit compared with the same period last year.
The developer said in a bourse statement that it had made a net profit of $879.10 million in the three months to March 31, 2015, up from the $72.8 million recorded in Q1, 2014. It did not provide further details or state its quarterly revenue that explained the profit jump.
Barwa said in December it had sold two plots of land to the government for a total of $1.47 billion. This was its latest land sale to a state-related entity; in the same month, the developer announced it had won a $206 million contract from a government company to build and operate low-cost warehouses.
The 25-year arrangement was awarded by the state-owned Manateq, according to a statement released to Doha’s bourse. It did not state how many warehouses would be built, but did state that construction would be completed within a two-year period.
