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Qatari Firm Reports 21 Percent Profit Increase

Qatari Firm Reports 21 Percent Profit Increase


Qatari property company Barwa Real Estate announced its 2013 net profit increased 21 percent, following a financial assistance package last summer. 

Last June, the publicly traded company accepted $7.1 billion from state-run Qatari Diar, which owns 45 percent of the company. Soon after, the company announced a drop in profits for the first half of the year, citing delays in certain deals. 

This week's announcement indicates net profit for the company increased significantly towards the end of 2013.

Barwa reported net profit of 1.4 billion riyals ($384.5 million) in 2013, increasing from 1.1 billion riyals the previous year, according to the announcement.

The announcement didn't provide final quarter numbers. However, data from Thomas Reuters shows the company made a net profit of more than 900 million riyals in the fourth quarter, compared to 392 million riyals during the same time frame the previous year. 

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