Barwa Real Estate Company Annual General Assembly, Distributes Cash Dividends

Doha, March 15 (QNA) - Barwa Real Estate Company Tuesday held its Annual General Assembly meeting and endorsed the recommendation of the BOD to distribute cash dividends of 22%, equivalent to QAR 2.20 per share. The General assembly has approved the Board report on the activities of the Company for year 2015, its financial position and the future plan. The General Assembly has also approved the external auditors report, financial position and Profit or Loss statements. The Shariaa Supervisory Board and Corporate Governance reports were also approved. Furthermore, the AGM has agreed to absolve the Board of Directors from their responsibilities for the year 2015, and approved their remuneration. The AGM has also approved the appointment of Bait Al Mashura Financial Consultations as the Shariaa Supervisory Board for Barwa Real Estate Company, and Price Water House Coopers as the External Auditors of the Company for the year 2016. HE Salah Bin Ghanim Al Ali, Chairman of the Board, presented the Board report regarding the activities of the company and its financial position for the fiscal year ended 31/12/2015 which included a comprehensive view on Barwas activities, performance, and consolidated financial information for the year 2015, in addition to its future plans. His Excellency has detailed the Companys performance and achievements during the year 2015 as a continuous process aims at establishing a strong future for the company and increase shareholder revenues in addition to supporting its financial position and help set forth the development of the new projects and improve the Groups position and financial indicators. In this regard, Barwa was able to achieve during the fiscal year 2015 a net profit of QAR 3,056 million and an EPS of QAR 7.86, with an increase of 10% compared to a net profit of QAR 2,778 million and an EPS of QAR 7.14 for the year ended 31 December 2014 He highlighted that Barwa reduced the total liabilities by QAR 2,333 million to become QAR 10,718 million, and increased the total shareholders ownership rights value by QAR 1,812 million to become QAR 17,571 million as at 31 December 2015. The financial information also reveal an increase in the net profit of the financial year 2015, through attaining operational income of QAR 4,494 million, and a decrease in the general and administrative expenses by QAR 72 million, and a decrease in the financing cost by QAR 389 million. HE Chairman added that during the years 2014 and 2015, Barwa has conducted a comprehensive re-structuring process, which included selling a number of assets to decrease indebtedness, empower the Companys financial position and insure the availability of sufficient cash balance to cover the Group operations. The effects of this re-structure were clearly reflected in the financial statements for the year 2015. On the other hand, Barwa has obtained a number of new assets of expected higher profitability, in order to achieve sustainable growth. H.E. Chairman continued by announcing Barwas Key achievements of 2015: Reinforcing the Groups assets base through the complete acquisition of Lusail Golfs shares, a company that owns a 3.6 million m2 land space in Lusail area. Concluding the sale of the second land plot in Mesaimeer, this boosted the companys profits and its financial position. Successfully operating phase one of Barwa Al Baraha and receiving the first part of phase 2 along with its ancillary services. The completion of the second part of phase 2 is expected in the first quarter of 2016, adding up the number of buildings to a total of 64, with a constructed area of 504,751 m2. A noticeable increase in the coordination with the Government regarding its real estate initiatives, clearly demonstrated in Madinat Al Mawater project, Mustawdaat project, and the Workers Sports Complex project in Al Khor. Improving the operational efficiency of current Group owned projects, where the occupancy rate has reached 95%. (END)