Barwa Real Estate Company Q.P.S.C.
The Unreviewed Condensed Consolidated Interim Financial Statements
31 March 2025
BUILDING THE FUTUR£
^•°. BARWA
Contents
Condensed consolidated interim statement of financial position
Condensed consolidated interim statement of profit or loss
Condensed consolidated interim statement of comprehensive income Condensed consolidated interim statement of changes in equity Condensed consolidated interim statement of cash flows
BUiLDlNG THE FUTUR£
Page(s)
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|1
Barwa Real Estate Company Q.P.S.C.
Condensed consolidated interim financial statements
As at 31 March 2025 Condensed consolidated interim statement of financial position
31 March 31 December
2025 2024
(unreviewed) (Audited)
QR'000 QR'000
ASSETS
Cash and bank balances | 1,842,933 | 2,741,881 |
Financial assets at fair value through profit or loss | 114,829 | 118,824 |
Receivables and prepayments | 1,191,278 | 1,153,660 |
Inventory | 10,713 | 10,477 |
Trading properties | 547,170 | 546,438 |
Due from related parties | 253,855 | 68,834 |
Non-current assets held for sale | 152,217 | |
Financial assets at fair value through other comprehensive income | 595,537 | 239,437 |
Advances for projects and investments | 272,880 | 269,138 |
Investment properties | 31,369,103 | 31,406,832 |
Property, plant and equipment | 458,559 | 467,730 |
Right-of-use assets | 3,034 | 3,720 |
Investments in associates | 8,080 | 8,080 |
Deferred tax assets | 5,505 | 5,487 |
Goodwill | 126,411 | 126,411 |
TOTAL ASSETS | 36,952,104 | 37,166,949 |
LIABILITIES AND EQUITY | ||
LIABILITIES | ||
Payables and other liabilities | 1,005,157 | 951,499 |
Due to related parties | 356,990 | 149,409 |
Provisions | 117,636 | 170,556 |
Lease liabilities | 200,813 | 203,572 |
Obligations under Islamic finance contracts | 13,087,575 | 13,060,237 |
End of service benefits | 144,516 | 139,864 |
Deferred tax liabilities | 6,564 | 6,535 |
TOTAL LIABILITIES | 14,919,251 | 14,681,672 |
EQUITY | ||
Share capital | 3,891,246 | 3,891,246 |
Legal reserve | 2,148,008 | 2,148,008 |
General reserve | 4,639,231 | 4,639,231 |
Other reserves | (328,146) | (336,607) |
Retained earnings | 11,504,426 | 11,966,414 |
Total equity attributable to equity holders of the parent | 21,854,765 | 22,308,292 |
Non-controlling interests | 178,088 | 176,985 |
TOTAL EQUITY | 22,032,853 | 22,485,277 |
TOTAL LIABILITIES EQUITY | 36,952,104 | 37,166,949 |
29 April 2025
on their beh. f›y:
These condensed/@r¿,olida Ie.'m fiifincial statements were authorised for issuance by the Board of Directors on
H.E/Agoulla Bin Hamad AI-Attiyah Egg. Ahmad Mohammad AI-Tayeb
Group Chief Executive Officer & Board Member
Barwa Real Estate Company Q.P.S.C. Condensed consolidated interim financial statements
For the three months ended 31 March 2025
eCqonn ense onso i a e n e i s a e p o s
31 March 2025 (unreviewed) QR'000 | 31 March 2024 (Unreviewed) QR'000 | |
Rental income | 353,S64 | 370,281 |
Rental operation expenses | (71,142) | (83,915) |
Net rental income | 282,422 | 286,366 |
Income from consultancy and other services | 86,492 | 110,544 |
Consulting operation and other services expenses | (56,123) | (63,776) |
Net consulting and other services income | 30,369 | 46,768 |
Profit on sale of property and construction services | 17,418 | |
Net fair value gain / (loss) on investment properties | 96,980 | (41,359) |
Share of results of associates | (39,968) | |
General and administrative expenses | (48,416) | (46,855) |
Net (loss) / reversal of impairment | (7,166) | 185,752 |
Other income | 21,117 | 8,749 |
Operating profit before net finance cost, depreciation, amortisation | ||
and income t9x | 375,30b | 416,871 |
Finance income | 32,883 | 45,991 |
Finance cost | (160,962) | (214,842) |
Profit before depreciation, amortisation and income tax | 247,227 | 248,020 |
Depreciation | (3,261) | (3,095) |
Amortisation of right-of-use assets | (686) | (1,019) |
Profit for the period before income tax | 243,280 | 243,906 |
Income tax expense | (3,181) | (2,845) |
Profit for the period | 240,099 | 241,061 |
Attributable to: | ||
Equity holders of the Parent | 239,471 | 238,227 |
Non-controlling interests | 628 | 2,834 |
240,099 | 241,061 | |
Basic and diluted earnings per share | ||
attributable to equity holders of the Parent | ||
(expressed in QR per share) | 0.0615 | 0.0612 |
|3
Barwa Real Estate Company Q.P.S.C.
Condensed consolidated interim financial statements
For the three months ended 31 March 2025
Con ense c n i a e in en STATEMENT OF COMPERHENSIVE INCOME
31 March | 31 March | ||
2025 | 2024 | ||
(unreviewed) | (Unreviewed) | ||
an'000 | QR'000 | ||
Net profit for the period | 240,099 | 241,061 | |
Other comprehensive income | |||
Other comprehensive income that will be reclassified to profit or loss in subsequent periods: | |||
Exchange differences on translation of foreign operations | 8,144 | S,562 | |
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods: Net change in the fair value of financial assets at fair value through other comprehensive income | (628) | (3,469) | |
Other comprehensive income for the period | 7,516 | 2,093 | |
*Total comprehensive*income for the period' | 247,615 | 243,154 | |
Attributable to: Equity holders of the Parent | 246,897 | 240,309 | |
Non-controlling interests | 718 | 2,845 | |
247,615 | 243,154 |
|4
Barwa Real Estate Company Q.P.S.C.
Condensed consolidated interim financial statements
For the three months ended 31 March 2025
nse c so i ate nte STATEMEN 0 CHANGES E U
Equlty ottrlbutoble ro owners o/the parent
6ron-
Shore capital | Legal resewe | General reserve | Other reserves | Aetorned earnings | Total | interests | Total | ||
QR'000 | QR'000 | t2ft'000 | pR'000 | QR'OOO | pR'0O0 | Equity £tft'O00 | |||
Balance at 31 December 2024 (Audited) | 3,891,246 | 2,148,008 | 4,639,231 | (336,607) | 11,966,414 | 22,308,292 | 176,985 | 22,485,277 | |
Net profit for the period | 239,471 | 239,471 | 628 | 240,099 | |||||
Other comprehensive income for the period | - | 7,426 | - | 7,426 | 90 | 7,S16 | |||
Total comprehensive income for the period | - | 7,426 | 239,471 | 246,897 | 718 | 247,615 | |||
Reclassification of fair value reserve on disposal of financial assets at fair value through other comprehensive income | 1,035 | ||||||||
Others | 385 | 385 | |||||||
Transactions with shareholders In their capacity as owners: | |||||||||
Dividends for 2024 | . | - | - | - | (700,424) | (700,424) | (700,424) | ||
Balance at 31 March 2025 (Unreviewed) | 3,891,246 | 2,148,008 | 4,639,231 | (328,146) | 11,504,426 | 21,854,765 | 22,032,853 |
Equity attributable to owners of the parent
Non-
Share capital | Legal reserve | General reserve | Other reserves | Retained earnings | Total | controlling interests | Total | |
QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | Equity QR'000 | |
Balance at 31 December 2023 (Audited) | 3,891,246 | 2,069,055 | 4,639,231 | (354,053) | 11,564,845 | 21,810,324 | 171,993 | 21,982,317 |
Net profit for the period | 238,227 | 238,227 | 2,834 | 241,061 | ||||
Other comprehensive income for the period | 2,082 | 2,082 | 11 | 2,093 | ||||
Total comprehensive income for the period | 2,082 | 238,227 | 240,309 | 2,845 | 243,154 | |||
Reclassification of fair value reserve on disposal of financial assets at fair value through other comprehensive income | 25,380 | (25,380) | ||||||
Transactions with shareholders in their capacity as owners: | ||||||||
Dividends for 2023 | (700,424) | (700,424) | (700,424) | |||||
Balance at 31 March 2024 (Unreviewed) | 3,891,246 | 2,069,055 | 4,639,231 | (326,591) | 11,077,268 | 21,350,209 | 174,838 | 21,525,047 |
|5
Barwa Real Estate Company Q.P.S.C. Condensed consolidated interim financial statementsFor the three months ended 31 March 2025
Condensed consolidated interim statement of cash flows
31 March | 31 March | |
2025 (Unreviewed) OR'000 | 2024 (Unreviewed) QR'000 | |
OPERATING ACTIVITIES | ||
Net profit for the period | 240,099 | 241,061 |
Adjustments for: | ||
Finance cost | 157,410 | 209,475 |
Unwinding of deferred finance cost | 3,552 | 5,367 |
Finance income | (32,883) | (45,991) |
Net fair value (gain) / loss on revaluation of investment properties | (96,980) | 41,3S9 |
Unrealised losses / (gains) on financial assets at fair value through profit or loss | 3,997 | (74) |
Depreciation | 8,241 | 7,884 |
Amortisation of right-of-use assets | 686 | 1,019 |
Share of results of associates | 39,968 | |
Net impairment loss / (reversal of impairment) | 7,166 | (185,752) |
Provision for end of service benefit | 4,839 | 3,736 |
Other income | (25,114) | (8,674) |
Operating gain before working capital changes | 271,013 | 309,378 |
Changes in working capital.' Change in receivables and prepayments | (s1,ss<) | 1,349,860 |
Change in inventories | (236) | (88) |
Change in amounts due from / due to related parties | (166,439) | (88,977) |
Change in provisions | (52,920) | 963 |
Change in payables and accruals | 77,106 | (156,018) |
Cash flows from operations | 76,970 | 1,415,118 |
End of service benefit paid | (187) | (2,982) |
NET CASH GENERATED FROM OPERATING ACTIVITIES | 76,783 | 1,412,136 |
INVESTING ACTIVITIES | ||
Finance income received | 40,520 | 44,356 |
Purchase of investment properties | (8,093) | (1,350) |
Changes in advances for purchase of projects and investments | (1,240) | 2,739 |
Payments for purchase of property, plant and equipment | (451) | (1,701) |
Dividend income received | 6,807 | 8,793 |
Proceeds from disposal of financial assets at fair value through other | ||
comprehensive income | 22,81S | |
Payments for purchase of financial assets at fair value through other | ||
comprehensive income | (356,728) | (377) |
Proceeds from disposal of financial assets at fair value through profit or loss | 11,380 | |
Payments for purchase of financial assets at fair value through profit or loss | (7,474) | |
Net movement in short term deposits maturing after three months | 890,215 | 882 |
NET CASH GENERATED FROM INVESTING ACTIVITIES | 571,030 | 80,063 |
Barwa Real Estate Company Q.P.S.C.
Condensed consolidated interim financial statements
For the three months ended 31 March 2025
Condensed consolidated interim sTATEMENT OF CASH FLOWS (continued)
31 March 31 March
2025 2024
{Unreviewed) {Unreviewed)
ax'ooo an'o0o
FINANCING ACTIVITIES
Finance cost paid
Proceeds from obligations under Islamic finance contracts Payments for obligations under Islamic finance contracts Dividends paid
Change in non-controlling interest Repayment of lease liabilities Change in restricted bank balances
NET CASH USED IN FINANCING ACTIVITIES
NET DECREASE IN CASH AND CASH EQUIVALENTS
Net foreign exchange difference
Cash and cash equivalents at 1 January
CASH AND CASH EQUIVALENTS AT 31 March
(128,s2a)
376
(13,041)
(513,607)
385
(4,662)
2,183
(657,294)
(9,481)
2,928
557,532
550,979
(170,050)
420,000
(1,460,329)
(378,368)
(4,191)
2,261
(1,590,677)
(98,478)
5,624
879,912
787,058