Barwa Real Estate Co., the largest Qatari developer by assets, reported a 33 percent increase in first-half profit as the country’s economy picked up speed after a slowdown last year.
Net income rose to 498.4 million riyals ($137 million), or 1.63 riyals a share, from 374.2 million riyals, or 1.43 riyals, in the year-earlier period, the company said in a statement to the Qatar Exchange website today. It didn’t provide numbers for second quarter.
Barwa, which has Qatar’s sovereign wealth fund as one of its biggest shareholders, may benefit from a further pickup in economic growth in Qatar, the world’s biggest liquid natural gas producer, following last year’s slowdown. The economy is expected to expand by 18 percent this year, double last year’s growth, according to government projections.
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