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Wed 23 Feb 2011 03:51 PM

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Barwa Real Estate sees net profit jump 84% in 2010

Company's annual earnings rose to QR1.4bn ($384.4m) on income from rents and property sales

Barwa Real Estate sees net profit jump 84% in 2010
QATARI DEVELOPER: Barwa has properties in Paris, Switzerland and Britain (Getty Images)

Qatar's Barwa Real Estate Co posted an 84 percent jump in full-year profit on income from rents and services and profit on the sale of properties, a company statement said on Tuesday.

The company made a fourth-quarter net profit of 638.3 million riyals ($175.3 million), according to Reuters calculations, compared to 145 million riyals a year earlier.

The company's annual earnings rose to 1.4 billion riyals from 766 million riyals in the previous year, the statement said. The 2009 figure appeared to be adjusted from the 799 million riyals the company had reported previously.

"Increased revenues from rents and services and profit on the sale of properties and projects and sale of Barwa's stake in a subsidiary, along with other exceptional returns resulting from Barwa being exempted from some commitments, led to this increase in net profits during 2010," the statement said.

The acquisition of Qatar Real Estate Investment Company, also known as Alaqaria, in May contributed 509 million riyals to net profit, and the acquisition of 60 percent of Barwa Al-Khor Co. led to 2.2 billion riyals in gains, the statement said.

Total assets increased to 74 billion riyals from 35 billion riyals a year earlier.

Barwa has properties in Paris, Switzerland and Britain.

Qatar, the world's largest exporter of liquefied natural gas, has said it will keep on spending to maintain growth momentum, as well as acquiring overseas assets.