BAA
Barwa Real Estate Company Q.P.S.C.
Interim Condensed Consolidated Financial Statements
30 September 2025
BUiLDI VG TH£ FUTURE
Contents
Interim consolidated statement of financial position
Interim consolidated statement of profit or loss
Interim consolidated statement of comprehensive income Interim consolidated statement of changes in equity Interim consolidated statement of cash flows
BUILDING THE FUTURE
Page(s)
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Barwa Real Estate Company Q.P.S.C. 1
Interim condensed consolidated financial statements
As at 30 September 2025
30 September | 31 December | ||
2025 (Unreviewed) | 2024 (Audited) | ||
ASSETS | QR'000 | QR'000 | |
Cash and bank balances | 2,057,760 | 2,734,027 | |
Financial assets at fair value through profit or loss | 113,356 | 118,824 | |
Receivables and prepayments | 997,369 | 1,147,380 | |
Inventory | 10,714 | 10,477 | |
Trading properties | 609,632 | 546,438 | |
Due from related parties | 79,557 | 68,834 | |
Financial assets at fair value through other comprehensive income | 642,790 | 239,437 | |
Advances for projects and investments | 209,930 | 269,138 | |
Investment properties | 31,751,292 | 31,347,223 | |
Property, plant and equipment | 444,938 | 467,730 | |
Right-of-use assets | 2,965 | 3,720 | |
Investments in associates | 460 | 8,080 | |
Deferred tax assets | 5,514 | 5,487 | |
Goodwill | 126,411 | 126,411 | |
37,052,688 | 37,093,206 | ||
Assets held for sale | 172,956 | 73,743 | |
TOTAL ASSETS | 37,225,644 | 37,166,949 | |
LIABILITIES ANO EQUITY LIABILITIES Payables and other liabilities | 781,356 | 950,008 | |
Due to related parties | 356,849 | 149,409 | |
Provisions | 92,090 | 170,556 | |
Lease liabilities | 201,720 | 203,572 | |
Obligations under Islamic finance contracts | 13,032,695 | 13,060,237 | |
End of service benefits | 146,338 | 139,864 | |
Deferred tax liabilities | 6,647 | 6,535 | |
14,617,695 | 14,580, 181 | ||
Liabilities directly associated with the assets held for sale | 1,030 | 1,491 | |
TOTAL LIABILITIES | 14,618,725 | 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 | ||
Other reserves | (298,515) | (336,607) | |
Retained earnings | 12,04S,641 | 11,966,414 | |
Total equity attributable to equity holders of the Parent | 22,425,611 | 22,308,292 | |
Non-controlling interests | 181,308 | 176,985 | |
TOTAL EQUITY | 22,606,919 | 22,485,277 | |
TOTAL LIABILITIES AN ITY | 37,225,644 | 37,166,949 |
_-
These interim co e co ed financial ements were authorised for issuance by the Board of Directors on 26 October 2 ed on their behalf
H.E. dul
C man
I-Attiyah Eng. Ahmad Mohammad Al-Tayeb
Group Chief Executive Officer & Board Member
BUT LDING THE FUTURE
Barwa Real Estate Company Q.P.S.C. Interim condensed consolidated financial statements | |||
For the nine months period ended 30 September 2025 | |||
3O September | 30 September | ||
202S (ttnreviewedJ QR'000 | 2024 (Unreviewed) QR'OO0 | ||
Rental income | 1,082,856 | ||
Rental operation expenses | (231,083) | (223,154) | |
Net rental income | 867,895 | 859,702 | |
Income from consultancy and other services | 269,624 | 284,787 | |
Consulting operation and other services expenses | (193,187) | (210,779) | |
Net consulting and other services income | 76,437 | 74,008 | |
Profit on sale of property and construction services | 912 | 17,603 | |
Net fair value gain on investment properties | 371,589 | 320,073 | |
Share of results of associates | (2,303) | 32 | |
Gain from sale of non-current asset held for sale | 4,899 | ||
General and administrative expenses | (147,076) | (145,694) | |
Net (impairment loss) / reversal of impairment | 131,276 | ||
Other income - net | 74,024 | 22,919 | |
Operating profit before finance cost, depreciation, amortisation and income tax | 1,207,767 | 1,284,818 | |
Finance income | 86,597 | 134,220 | |
Finance costs | (488,446) | (610,101) | |
Net finance cost | (401,849) | (475,881) | |
Profit before depreciation, amortisation and income tax | 805,918 | 808,937 | |
Depreciation | (7,913) | (9,648) | |
Amortisation of right-of-use assets | (755) | (3,046) | |
Profit before Income tax from continuing operations | 797,250 | 796,243 | |
Income tax expense | (9,711) | (10,210) | |
Profit for the period from continuing operations | 787,539 | 786,033 | |
discontinued operacionr Profit after tax for the period from discontinued operations | 1,374 | 1,681 | |
Profit for the period | 788,913 | 787,714 | |
Attributable to: Equity holders of the Parent | 787,937 | 783,848 | |
Non-controlling interests | 976 | 3,866 | |
787,714 | |||
Basic and diluted earnings per share Attributable to equity holders of the Parent (expressed in QR per share) | 0.2024 | 0.2014 | |
BUILDING THE FUTURI
3
Barwa Real Estate Company Q.P.S.C.
Interim condensed consolidated financial statements
For the nine months period ended 30 September 2025
30 September
202S
(Unreviewed)
QP'0O0
30 Septembe‹
2O24
(unrevie wedJ
QP'0oo
Net profit for the period
Other comprehensive income
Other comprehensive income thot
will be reclassified to profit or loss in subsequent periods.
Exchange differences on translation of foreign operations
Other comprehensive income that will not be reclassified to profit or loss in
sudseguent periods.
Net change in the fair value of financial assets at fair vajue through other
comprehensive loss
Other comprehensive income for the period Total comprehensive income for the period
Attributable to:
Equity holders of the Parent Non-controlling interests
788,913
28,745
1,210
29,955
818,868
817,743
1,125
818,868
787,714
19,488
(5,242)
14,246
801,960
798, 185
3,775
801,960
Barwa Real Estate Company Q.P.S.C.
Interim condensed consolidated financial statements
For the nine months period ended 30 September 2025
nte co so ate s ate ent o anges n equ y
Share capital on'ooo
Legal reserve QR'000
Equity nttrifiuto6fe to ow'ners o/ the Potent
General Other
reserve reserves
OR ooo an'ooo
Retained earnings QP'000
Non-
Total controlling QR'000 interests QR'000
|4
Total Equit:y O/t'000
Balance at 1 January 2024 (Audited) Net profit for the period
3,891,246
2,069,055
4,639,231
(354,053) 11,564,84S
783,848
2},810,324
783,848
171,993
3,866
21,9B2,317
787,714
Other comprehensive income / (loss} for the period
14,337
14,337
(91)
14,246
Total comprehensive income for the period Reclassification of fair value reserve on disposal of financial
assets at fair value through other comprehensive income
Transactions with shareholders in their capacity as owners:
14,337
21,207
783,848
(21,2071
798,185
3,775
801,960
Oividends for 2023
(700,424)
(700,424)
(700,424)
Balance at 30 September 2024 (Unreviewed)
3,89,246
2,069,055
4,639,231
318,509) 11,627,062
21,908.085
175,768
22,083,853
£gu/ty ottr/6uro6/e ro owners a/the eorenc
Share | tegal reserve | General reserve | Other wsezves | Totol | Non- | TOtOl | ||||||||||||||
Balance at 1 January 2025 (Audited) | 3,89t,246 | 4,639,231 | (3J66O7) *L966,414 | 22,30B,292 | 176,985 | 22,485,277 | ||||||||||||||
Net profit for the period | 787,9J7 | 787937 | 976 | 788,913 | ||||||||||||||||
Other comprehensive income for the period | 29B06 | I9W06 | 149 | 29,955 | ||||||||||||||||
Total comprehensive income for the period | 29W6 787,937 | 817,743 | 1,125 | 818,868 | ||||||||||||||||
Reclassification of fair value reserve on disposal of financial assets at fair value through other comprehensive income | s,zss (8,286) | |||||||||||||||||||
Liquidation Transactions w'th shareholders in their capacity as owners Dividends for 2024 | (700,424) | (700,g24} | 7,698 | 7698 (700,424) | ||||||||||||||||
Dividend paid to Non-controlling interest | (4,500) | (•4,500) | ||||||||||||||||||
Balance at 30 September 2025 (Unreviewed) | 3,891,246 | 2.148,008 | 4,639,231 | (£9B,515) 1lO456#I | 22,g25,611 | 181,308 | 22,6O6,919 |
Barwa Real Estate Company Q.P.S.C.
Interim condensed consolidated financial statements
For the nine months period ended 30 September 2025
Interim consolidated statement of cash flows
OPERATING ACTIVITIES
Profit before tax from continuing operations Profit before tax from discontinued operations Net profit before tax
Adjustments for:
Finance cost
Unwinding of deferred finance cost Finance income
Net fair value gain on investment properties Depreciation
Amortisation of right-of-use assets Share of results of associates
Net impairment losses / (reversal of impairment) Gain from sale of non-current asset held for sale Provision for end of service benefit
Other income - net
Operating profit before working capital changes
Changes in working capital:
Change in receivables and prepayments Change in inventories
Change in trading properties
Change in amounts due from and due to related parties Change in provisions
Change in payables and accruals
CASH FLOWS FROM OPERATING ACTIVITIES
Payment of employees' end of service benefits Income tax paid
NET CASH FLOWS FROM OPERATING ACTIVITIES INVESTING ACTIVITIES
Finance income received
Payments for addition to investment properties Proceeds from sale of non-current assets held for sale Advances paid for projects and investments
Advances received on account of sale of property Payments for purchase of property, plant and equipment Proceeds from sale of property, plant and equipment Dividend income received
Net (payment for) / proceeds from disposal of financial asset at fair value through other comprehensive income
Proceeds from disposal of financial assets at fair value through profit or loss
Payments for purchase of financial assets at fair value through profit or loss
Net movement in short term deposits maturing after three months NET CASH FLOWS FROM / (USED IN) INVESTING ACTIVITIES
2025
(Unrevievved)
QR'0D0
797,250
2,032
799,282
478,690
9,756
(86,597)
(371,589)
23,010
755
2,303
15,859
(74,024)
831,156
143,423
(237)
(62,776)
2,410
(78,466)
(128,305)
707,205
(9,073)
(8,886)
689,246
(161,849)
59,422
(31,632)
(5,296)
352
23,958
(402,143)
747,702
30 September
2024
(Unreviewed)
QR'000
796,243
2,027
798,270
595,101
15,000
(134,220)
(320,073)
24,971
3,046
(32)
(131,276)
(4,899)
11,506
(23,079)
834,315
2,853,852
53,503
(115,303)
(33,496)
(199,483)
3,393,388
(5,700)
(15,199)
3,372,489
119,337
(97,246)
48,000
(6,629)
(6,329)
10
9,594
36,444
37,030
(21,895)
(2,021,438)
(1,893, 122)
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Barwa Real Estate Company Q.P.S.C.
Interim condensed consolidated financial statements
For the nine months period ended 30 September 2025
Intel in consolidated statement of cash flows (continued)
30 September | 30 September | ||
FINANCING ACTIVITIES | 202S (unrepiewed) t2R'000 | 2024 [unreviewefiT) QR'000 | |
Finance cost paid | (473,302) | ||
Proceeds from obligations under Islamic finance contracts | 806,725 | ||
Payments for obligations under Islamic finance contracts | (109,925) | (1,528,429) | |
Dividend paid to non-controlling interest | 3,198 | ||
Dividends paid | (517,528) | (395,538) | |
Payment of lease liabilities | (11,096) | (18,084) | |
Change in restricted bank balances | 1,573 | 11,655 | |
NET CASH USED IN FINANCING ACTIVITIES | (1,032,244) | (1,596,973) | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 56,797 | (117,606) | |
Net foreign exchange difference | 17,278 | 8,145 | |
Cash and cash equivalents at 1 January | 549,680 | 879,912 | |
CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER | 623,755 | 770,451 |