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Mon 9 Mar 2015 11:40 AM

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Qatar's Barwa Real Estate Q4 net profit more than doubles

Gulf state's largest listed developer also reported an improved dividend payout for the full year

Qatar's Barwa Real Estate Q4 net profit more than doubles

Barwa Real Estate, Qatar's largest listed developer, reported a more than doubling of its fourth-quarter net profit on Monday, as well as an improved dividend payout for the full year.

The company, a unit of the sovereign wealth fund's real estate arm, earned a net profit of around QAR2.13 billion ($585 million) for the final quarter of 2014, up from QAR907.5 million a year ago, according to Reuters calculations.

The firm did not provide a breakdown of its quarterly results, so Reuters calculated the figure based on its financial statements.

The firm earned QAR2.8 billion for the full year, compared with QAR1.4 billion in the prior year, according to the bourse filing.

Barwa also said its board recommended a cash dividend of QAR2.2 per share. That compares with a cash dividend of QAR2 the board recommended for the previous year.

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