Doha, Qatar: Barwa Real Estate Group held its Ordinary General Assembly meeting yesterday evening following the completion of the necessary legal quorum, which reached (52.93%).

The meeting, held at the Millennium Plaza Hotel, was attended by the Chairman of the Board of Directors, board members, the CEO of Barwa Real Estate, the auditor, and representatives from the Ministry of Commerce and Industry (Companies Control).

During the assembly, the Board of Directors’ report on the company’s activities and financial position for the financial year ended December 31, 2023, was approved, along with the company’s future plan for the year 2024. Additionally, the auditor’s report on the financial statements for the year 2023 was approved, as well as the appointment of auditors for the financial year 2024 and the determination of their fees. The assembly also approved the Shariah Supervisory Board report for the year 2023 and the appointment of a Shariah Supervisory Board for the financial year 2024. Furthermore, the general budget of the company and the profit or loss account for the financial year ended December 31, 2023, were adopted.

The Ordinary General Assembly of the company also approved the Board of Directors’ proposal to distribute cash dividends of QR0.18 per share, equivalent to (18%) of the nominal value of the share for the fiscal year ended December 31, 2023. Additionally, the assembly discharged the members of the Board of Directors and determined their bonuses, approved the Corporate Governance Report, and confirmed the company’s compliance with Qatar Financial Markets Authority regulations regarding corporate governance laws, as well as its compliance with the internal controls for preparing financial reports for the previous year.

During the Ordinary General Assembly meeting of Barwa Real Estate Group, H E Abdullah bin Hamad bin Abdullah Al Attiya, Chairman of the Board of Directors, reviewed the Board’s report, which included a comprehensive presentation of the company’s activities, performance, and consolidated financial statements for the year 2023, as well as its future plans.

His Excellency stated, “The year 2023 was a fruitful year for our national economy, as it continued to grow steadily, driven by positive developments in various sectors, including the real estate sector, which maintained its position as the second fastest-growing sector after the energy sector, contributing to enhancing diversity and comprehensive economic growth.”

He added, “In light of this positive economic growth, Barwa Real Estate was able to achieve outstanding results during the year 2023, thanks to its successful strategies and its ability to adapt to local and global economic changes.” He explained that the Group’s net profit for the year 2023 amounted to QR1.229bn, representing an increase of 8% over 2022, with earnings per share growing to QR0.32 per share. The total assets of the Group reached QR37.5bn.

He also mentioned that the Group succeeded in achieving profits from rentals, service revenues, property sales, and investments, amounting to QR1.736bn, with the majority coming from net rental revenues, which totaled QR1.447bn. This reflects the level of planning and effort exerted at all levels within the Group to enhance sustainable growth in operating revenues.

Cost Rationalization

Regarding cost rationalization, Chairman of the Board of Directors stated: “In addition, Barwa Real Estate succeeded in rationalizing its various expenses, such as reducing general and administrative expenses by 1.4%. Furthermore, the sale of Lusail City land for QR6.3bn resulted in profits of QR471m. A total of QR3.6bn was collected from the sale price during the year 2023, which was fully utilized to accelerate the repayment of part of the group’s financing, which will contribute to reducing financing expenses.”

Regarding the future plans of Barwa Real Estate, Chairman of the Board of Directors said: “In line with these efforts, we have prepared a clear strategic plan for the year 2024, which has been carefully and meticulously developed, outlining all the broad lines of work for us. This plan is based on three axes that represent the fundamental pillars of Barwa Real Estate’s directions during the coming period.”

He added: “In the first axis, we will continue to work on increasing revenues by increasing occupancy rates in real estate projects, in addition to benefiting from operating returns and maintenance services for Qatar Schools project (First Package). We also aim to work on master plans and feasibility studies for many new projects on the company’s existing lands.”

© Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).