Barwa Records QR1.08Bn Net Profit
Total Page:16
File Type:pdf, Size:1020Kb
BUSINESS Monday 29 October 2018 PAGE | 22 PAGE | 25 QIIB to finance No-deal Brexit subscriptions to IPO may prolong UK of Qamco shares austerity Barwa records QR1.08bn net profit THE PENINSULA the other projects such as the Warehouses Project of Barwa Al DOHA: Barwa Real Estate Baraha and Al Khor’s Recreation Group’s net profit attributable to Barwa is also keen Extension project. the shareholders of the parent The Group said it will con- company stood at QR 1.08bn for on enhancing the tinue to study its available land the financial period ended partnership with bank in order to identify the laborers at Salwa Road, Madinat September 2018, down from the Government of optimal utilisation, thus helping Al Mawater project and Mus- QR1.22bn posted for the same the State of Qatar to support the development of tawdaat project. period in 2017. Barwa’s earnings sustainable revenues, where it “During the nine-month per share is at QR 2.78 compared to create real estate is expected to award the con- period, Barwa accomplished a to QR3.14 for the same period of development projects struction contracts of Phase number of key achievements, last year. that contribute to Three of Barwa Al Baraha project including increasing the rental The Group successfully and the Phase Three of Madinat income, completion of the devel- enhanced its operating revenues meet the needs of Al Mawater project before the opment of Mustawdaat project, through increasing its rental citizens and residents. end of the year. the phase two of Madinat Al income by QR70m, representing Barwa is also keen on Mawater project and Barwa Abdullah bin Hamad Al Attiyah (second left), CEO of Qatari Diar, an increase of 8 percent com- enhancing the partnership with Village extension project. It also along with other officials at the project site in Malaysia. pared to the same period in 2017. Barwa completed the con- the Government of the State of include finalising development Barwa’s rental income increased struction work of Phase two of Qatar to create real estate devel- work of the Affordable Housing by 8 percent year-on-year. Madinat Al Mawater project and opment projects that contribute project for laborers at Salwa The Group aims to increase the Barwa Village extension to meet the needs of citizens and Road and Dara project, and con- Qatari Diar completes its operating revenues by project, in addition to finalising residents. This will help the tinuing the development of Al improving the efficiency of the development work of the Group fulfill its role as the largest Baraha Warehouses project. existing operational projects, in Affordable Housing project for real estate developer in the Barwa also awarded a contract Citi Tower infrastructure addition to supporting the laborers at Salwa Road and Dara country. This has resulted in worth QR105m for Al Khor’s Group’s operational real estate A project. It also finalised the many projects such as the Recreation Extension project”, portfolio through new projects. ongoing development work of Affordable Housing project for Barwa said. project in Malaysia THE PENINSULA Petronas (Petroliam Nasional Berhad), which is the strategic DOHA: Qatari Diar Real Estate partner of the project, in the QNB starts QP to allocate free Qamco shares for Company announced the presence of Qatar’s Ambas- completion of the infrastructure sador to Malaysia Fahad financing of and parking phase of the Citi Mohammed Kafood. Qataris covered by social security law Tower project in the heart of The visit aimed at following subscriptions Malaysia’s capital Kuala up the progress of Citi Tower THE PENINSULA price in accordance with the Offering Memorandum. Lumpur. project, one of Qatari Diar’s for IPO shares The details of the free share allocation will be The announcement was important projects that is DOHA: Qatar Petroleum has announced that it will finalised in consultation with the various concerned made within the framework of implemented in partnership THE PENINSULA allocate 750 free shares in Qatar Aluminium Manu- entities. Qamco shares will be offered at QR10.1, the visit paid by a delegation with Petronas. The project is a facturing Company (Qamco), under incorporation, which includes the nominal value per share of QR10, from Qatari Diar, headed by mixed-use commercial hub DOHA: QNB, the largest to all registered Qatari beneficiaries covered by the plus offering and listing costs of QR0.1 per share. CEO Eng. Abdullah bin Hamad adjacent to the iconic Petronas financial institution in the social security law. QP has announced on Monday October 22, that Al Attiyah, to Malaysia to review Towers comprising of high rise Middle East and Africa, has The beneficiaries stipulated by the law include it was planning an Initial Public Offering of shares the latest developments in the office tower with retail and 5 announced the financing the elderly, those unable to work, orphans, needy representing 49 percent of the issued share capital project, which cost a total of star hotel. The project com- of subscriptions to the families, the disabled, divorced women, widows, of Qatar Aluminium Manufacturing Company, QR5.6bn. prises of two Towers including initial public offering prisoners’ families and other categories. Qamco is set to own 50 percent of the total issued During the visit, the dele- office, hotel, retail podium and (IPO). The Bank will In addition to the free Qamco shares, members capital of Qatar Aluminium Limited (Qatalum), which gation met with Ahmad Nizam an underground car park. finance 65 percent of the of the entitled groups can subscribe to an additional is a joint venture founded between QP and the Salleh, the Chairman of the total value of shares that number of shares, if they wish, and pay the due share Norwegian company, Hydro. Malaysian oil company → CONTINUED ON PAGE 22 Qatari QNB customers wish to purchase, with the capability of providing them at ‘0’ percent interest until the surplus shares are GIS posts QR39m net profit, allocated. The Bank offers a simple subscription revenue grows to QR1.96bn process by visiting its THE PENINSULA website qnb.com/ipo, Revenue in the aviation aggressive cost optimisation and downloading the form, segment was slightly up on last growth initiatives by the group in filling it out, signing it, DOHA: Gulf International year despite reduction in rev- some selected business segments. and sending it to the Bank Services (GIS), the largest services enues from Qatar’s aviation oper- The improvement realised in the along with the required group in Qatar, with interests in ations, which was offset by the drilling segment was somewhat documents. After regis- a broad cross-section of indus- increase in the other revenue offset by lower profit in the avi- tering online, customers tries, has recorded QR1.96bn in streams. Revenues in the catering ation segment. can easily subscribe to revenue for the period ended in segment was moderately down GIS is continuing the exe- the IPO online or through September 2018, up by 5 percent on last year. Project demobili- cution of some of the opportu- SMS anytime. from a year ago. The group’s net zation, reduced camps occupancy nities identified by the growth QNB is working to profit was surged by 78 percent were the main reason for this strategy initiatives that was con- provide innovative ways year-on-year to QR39m. reduction. The reduction was cluded earlier this year. to enable customers to Revenues in the insurance however somewhat offset by These opportunities include register on all IPOs segment improved significantly other revenue streams. the recently announced either for themselves or versus last year primarily due to The group’s Earnings per agreement between GDI and on behalf of their rela- Turkish-Germany ministers meet capturing of new business in the share is QR 0.21, compared to Seadrill to utilise synergies in tives and children. More energy / general insurance QR0.12 last year. The Qatar’s offshore drilling market, information will be Turkish Technology and Industry Minister Mustafa Varank (right) segment, while the drilling improvement on last year was continued assessment of the available from QNB’s and German Economy and Energy Minister Peter Altmaier during segment reported a slight growth primarily driven by the con- group’s operation to capture Customer Care Center at their meeting in Ankara, Turkey. in revenue due to operations of tinuous efforts of cost reduction potential revenue enhancement 44407777. some of the assets which were not across all segments following the and cost improvement contracted in the previous year. implementation of some opportunities. 22 BUSINESS MONDAY 29 OCTOBER 2018 QIIB to finance subscriptions MarketWatch to IPO of Qamco shares QSE FTSE100 DOW BRENT 10,144.37 6,939.56 24,688.31 $67.59 THE PENINSULA -8.99 PTS −64.54 PTS −296.24PTS +0.80 QIIB is participating in 0.09% 0.92% 1.19% Dow & Brent before going to press DOHA: QIIB announced the IPO subscription yesterday that it will be to Qamco shares by financing the subscriptions to financing prospective the initial public offering (IPO) subscribers and of the Qatar Aluminum Manu- Nakilat announces facturing Company (Qamco) welcoming them at 15 shares, which officially starts dedicated branches tomorrow, tuesday and Jamal Al Jamal, QIIB covering all the regions relevant QIIB’s branches; improved profits continues until November 12. knowing that the Bank has suc- QIIB has made all the Deputy CEO in the country. cessfully executed similar oper- required logistic arrangements ations in the past. in third quarter to welcome the subscribers in A professional and experi- THE PENINSULA the branches that are partici- success and evolution of the finance has been set from 7,000 enced team supervises the efforts towards developing the pating in the Qamco IPO Qatari economy”.