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Thu 13 Mar 2014 10:51 AM

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Qatar's Barwa Real Estate profits up 27.3%

Gulf Arab state's largest listed developer agreed a $7.1bn financial assistance package in June

Qatar's Barwa Real Estate profits up 27.3%

Qatar's Barwa Real Estate said on Thursday that its 2013 net profit rose 27.3 percent, indicating that the Gulf Arab state's largest listed developer made a significant fourth-quarter net profit.

Barwa, which agreed a $7.1bn financial assistance package with state real estate firm Qatari Diar in June, made QAR1.4bn ($384.5m) in 2013, up from QAR1.1bn in the prior year, according to a bourse filing.

The firm did not provide a quarterly breakdown.

However, given that the nine-month profit reported in October was 40 percent lower year-on-year at QAR467.5m, this points to Barwa making a net profit of more than QAR900m in the final three months of the year.

Barwa made a net profit of QAR392m in the final quarter of 2012, according to Thomson Reuters data.

Barwa has struggled in recent times with its debt load, and has offloaded assets and cut staffing costs to cope. Qatari Diar agreed to buy assets worth $7.1bn in June, which included its stake in unlisted Barwa Bank.

The board of Barwa has recommended a cash dividend of 20 percent of the capital to be distributed to shareholders for 2013, Thursday's bourse filing added.

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