BARWA REAL ESTATE COMPANY Q.P.S.C.
Barwa Real Estate Company Q.P.S.C. presents below an extract of the interim condensed consolidated financial statements of the Group for the period ended 30 June 2023. Ernst & Young - Qatar has issued a review report, copy of which is
presented below, on the interim condensed consolidated financial statements from which extract has been delivered. The completed set of the interim condensed consolidated financial statements and the review report are available on the company's
websitewww.barwa.com.qa
INDEPENDENT AUDITOR'S REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE BOARD OF DIRECTORS OF BARWA REAL ESTATE COMPANY Q.P.S.C.
INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SIX | ||
MONTHS ENDED 30 JUNE 2023 | ||
30 June 2023 | 30 June | |
2022 | ||
(Reviewed) | (Reviewed) | |
QR'000 | QR'000 | |
Rental income | 760,997 | 799,719 |
IN TER IM C ON S OLID A TED S TA TEM EN T OF C A S H F LOWS F OR THE S IX | |
M ON THS EN D ED 3 0 J UN E 2 0 2 3 | |
3 0 J une | 3 0 June |
2 0 2 3 | 2 0 2 2 |
( R e v ie w e d ) | (R eviewed ) |
QR '0 0 0 | QR'0 0 0 |
OP ER A TIN G A C TIV ITIES |
Introduction We have reviewed the accompanying interim condensed consolidated financial statements of Barwa Real Estate Company Q.P.S.C. (the 'Company') and its subsidiaries (together referred as the "Group") as at 30 June 2023, comprising of the interim consolidated statement of financial position as at 30 June 2023 and the related interim consolidated statement of profit and loss, interim consolidated statement of comprehensive income, interim consolidated statement of changes in equity and interim consolidated statement of cash flows for the six months period then ended and the related explanatory notes.
The Board of Directors is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with IAS 34 Interim Financial Reporting ("IAS 34"). Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.
Scope of review We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information
Rental operation expenses | (131,137) | (221,630) |
Net rental income | 629,860 | 578,089 |
Finance lease income | - | 80 |
Net rental and finance lease income | 629,860 | 578,169 |
Income from consultancy and other services | 160,964 | 131,959 |
Consulting operation and other services expenses | (130,355) | (109,326) |
Net consulting and other services income | 30,609 | 22,633 |
Profit on sale of property and construction services | 651 | 31,842 |
Net fair value gain on investment properties | 311,323 | 346,907 |
Share of results of associates | (16,229) | (5,468) |
Gain from sale of non-current asset held for sale | 19,119 | 57,973 |
Gain from deemed disposal of investment in an associate | 57,355 | - |
General and administrative expenses | (101,061) | (105,506) |
Net impairment losses | (9,914) | (204,977) |
Other income - net | 14,891 | 20,889 |
Operating profit before finance cost, depreciation, amortisation and | 936,604 | 742,462 |
income tax | ||
Finance income | 21,207 | 7,512 |
Finance cost | (389,680) | (191,478) |
Net finance cost | (368,473) | (183,966) |
Profit before depreciation, amortisation and income tax | 568,131 | 558,496 |
Depreciation | (6,959) | (6,748) |
Amortisation of right-of-use assets | (2,039) | (2,039) |
Net pro fit fo r the perio d A djus tm ents fo r:
Finance co s t Unwinding o f deferred finance co s t Finance inco m e Net fair value gain o n inves tm ent pro perties Depreciatio n Am o rtis atio n o f right-o f-use as s ets Share o f res ults o f as s o cia tes Net im pairm ent lo s s es P ro vis io n fo r end o f s ervice benefit Finance leas e inco m e P ro vis io n fo r inco m e tax Gain o n deem ed dis po s al o f an as s o ciate Gain fro m s ale o f no n-currentas s et held fo r s ale Other inco m e Ope ra ting g a in be fo re wo rking c a pita l c ha ng e s Changes in wo rking capital: Change in receivables and prepaym ents Change in trading pro perties Change in finance leas e receiva bles
Change in am o unts due fro m and due to related parties Change in pro vis io ns Change in payables and accruals C A S H F LOWS F R OM / (US ED IN ) OP ER A TIN G A C TIVITIES
5 5 3 , | 6 6 8 | 54 5,2 | 6 0 |
3 7 6 , 9 5 4 | 175,8 | 0 9 | |
12 , 7 2 6 | 15,6 | 6 9 | |
( 2 1, 2 0 7 ) | (7,512 ) | ||
( 3 11, | 3 2 3 ) | (3 4 6 ,9 0 7) | |
16 , | 4 0 9 | 16 ,0 79 | |
2 , | 0 3 9 | 2 ,0 | 3 9 |
16 , | 2 2 9 | 5,4 | 6 8 |
9 , 9 14 | 2 0 4 ,9 77 | ||
10 , 9 8 1 | 12 ,59 2 | ||
- | (8 0 ) | ||
4 | , 15 7 | 3 ,74 5 | |
( 5 7 , 3 5 5 ) | - | ||
( 19 | , 119 ) | (57,9 73 ) | |
( 14 | , 8 9 1) | (2 0 ,8 | 8 9 ) |
5 7 9 , 18 2 | 54 8 ,2 77 | ||
( 9 7 , 12 3 ) | (4 8 7,6 | 9 9 ) | |
2 4 | 6 6 ,3 56 | ||
- | 76 7 | ||
1, 5 3 0 | (3 ,4 | 6 0 ) | |
( 13 5 ) | - | ||
( 14 5 , 5 7 9 ) | (4 0 0 ,9 8 6 ) | ||
3 3 7 , | 8 9 9 | (2 76 ,74 5) |
Performed by the Independent Auditor of the Entity". A review of interim condensed consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Profit before income tax | 559,133 | 549,709 |
Income tax expense | (5,465) | (4,449) |
Net profit for the period | 553,668 | 545,260 |
Attributable to: | ||
Equity holders of the Parent | 552,930 | 536,872 |
Non-controlling interests | 738 | 8,388 |
553,668 | 545,260 | |
Basic and diluted earnings per share | ||
Attributable to equity holders of the Parent (expressed in QR per share) | 0.142 | 0.138 |
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX | ||
MONTHS ENDED 30 JUNE 2023 |
P aym ent o f em plo yees ' end o f s ervice benefits | ( 14 | , 0 2 6 ) | (8 ,56 1) | ||||
Inco m e tax pa id | ( 9 | , 9 6 2 ) | (9 ,6 0 1) | ||||
N ET C A S H F LOWS F R OM / (US ED IN ) | OP ER A TIN G | 3 13 , 9 11 | (2 9 4 ,9 0 7) | ||||
A C TIVITIES | |||||||
IN VE S TIN G A C TIVITIES | |||||||
Finance inco m e received | 18 , 5 6 1 | 9 | ,9 | 9 2 | |||
Divide nds received fro m as s o ciates | - | 4 | ,0 | 0 0 | |||
P aym ents fo r additio n to inves tm ent pro perties | ( 9 | , 2 3 3 ) | (73 | 3 | ,2 | 8 2 ) | |
P aym ent fo r no n-current as s ets held fo r s ale | - | (8 | 4 6 ) | ||||
P ro ceeds fro m s ale o f no n-current as s ets held fo r s ale | 4 2 , 10 0 | 3 | 75,16 5 | ||||
Advances paid fo r pro je cts and inves tm ents | - | (72 | 2 | ,2 | 3 8 ) | ||
P aym ents fo r purchas e o f pro perty, plant and equipm ent | ( 6 , 2 2 7 ) | (8 ,2 53 ) |
Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34.
Ziad Nader
of Ernst & Young
Auditor's Registration No. 258
Date: 26 July 2023
Doha
Net profit for the period Other comprehensive income Other comprehensive income that 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 subsequent periods: Net change in the fair value of financial assets at fair value through other comprehensive loss Other reserves Other comprehensive income/(loss) for the period
30 June 2023 | 30 June |
2022 | |
(Reviewed) | (Reviewed) |
QR'000 | QR'000 |
553,668 | 545,260 |
8,383 | (6,374) |
6,731 | (3,461) |
851561
15,965 (9,274)
P ro ceeds fro m s ale o f pro perty, plant and equipm ent
Dividend inco m e received P ro ceeds fro m dis po s al o f financial as s ets at fair value thro ugh pro fit o r lo s s P aym ents fo r purchas e o f financial as s ets at fair value thro ugh pro fit o r lo s s Net m o vem ent in s ho rt term depo s its m aturing after three m o nths N ET C A S H F LOWS F R OM / (US ED IN ) IN VES TIN G A C TIVITIES F IN A N C IN G A C TIVITIES Finance co s t paid P ro ceeds fro m o bligatio ns under Is lam ic finance co ntracts P aym ents fo r o bligatio ns under Is lam ic finance co ntracts Dividend paid to no n-co ntro lling inte res t Dividends paid P aym ent o f leas e liabilities Change in res tricted bank balances
- | 2 2 | |
7 , 4 5 1 | 2 ,4 8 7 | |
15 | , 6 7 8 | 3 1,9 17 |
( 16 , 111) | (2 6 ,0 3 4 ) | |
2 3 | , 12 2 | 6 8 8 ,4 2 1 |
7 5 , 3 4 1 | (3 78 ,6 4 9 ) | |
( 5 7 2 | , 8 7 6 ) | (2 8 1,0 3 1) |
1, 5 4 3 | , 2 7 5 | 2 ,8 0 5,776 |
( 1, 2 5 1, 5 4 5 ) | (712 ,3 12 ) | |
( 7 | , 5 0 0 ) | (7,50 0 ) |
( 3 7 2 | , 7 3 6 ) | (6 72 ,3 4 2 ) |
( 9 3 3 ) | (12 ,0 8 8 ) | |
( 7 0 6 ) | (59 9 ) |
Total comprehensive income for the period | 569,633 | 535,986 | N ET C A S H (US ED IN )/ F R OM F IN A N C IN G A C TIVITIES | ( 6 6 3 | , 0 2 1) | 1,119 ,9 0 4 |
Attributable to: | N ET (D EC R EA S E) / IN C R EA S E IN C A S H A N D C A S H | |||||
EQUIVA LEN TS | ||||||
Equity holders of the Parent | 568,959 | 527,576 | ( 2 7 3 | , 7 6 9 ) | 4 4 6 ,3 4 8 | |
Net fo reign exchange difference | 2 , 0 3 2 | 6 ,6 14 | ||||
Non-controlling interests | 674 | 8,410 | ||||
C a s h a nd c a s h e quiv a le nts a t 1 J a nua ry | 7 14 , 4 9 9 | 53 4 ,8 73 | ||||
569,633 | 535,986 | |||||
C A S H A N D C A S H EQUIVA LEN TS A T 3 0 J UN E | 4 4 2 , 7 6 2 | 9 8 7,8 3 5 | ||||
INTERIM CONSOLIDATED STATEMENT OF | INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2023 | |||||||||||||||||||||||||
FINANCIAL POSITION AS AT 30 JUNE 2023 | ||||||||||||||||||||||||||
30 June 2023 31 December 2022 | ||||||||||||||||||||||||||
(Reviewed) | (Audited) | Equity attributable to owners of the Parent | ||||||||||||||||||||||||
QR'000 | QR'000 | |||||||||||||||||||||||||
Share | Legal | General | Retained | Non-controlling | Total | |||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Capital | reserve | reserve | Other reserves | earnings | Total | interest | Equity | |||||||||||||||||||
Cash and bank balances | 604,633 | 898,682 | ||||||||||||||||||||||||
Financial assets at fair value through profit | 144,896 | 32,375 | QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | ||||||||||||||||
or loss | ||||||||||||||||||||||||||
Receivables and prepayments | 1,581,961 | 1,567,487 | ||||||||||||||||||||||||
Trading properties | 614,900 | 617,369 | Balance at 1 January 2023 (Audited) | 3,891,246 | 2,034,094 | 4,639,231 | (376,850) | 11,099,057 | 21,286,778 | 176,375 | 21,463,153 | |||||||||||||||
Due from related parties | 81,837 | 227,048 | ||||||||||||||||||||||||
Non-current assets held for sale | - | 21,968 | Net profit for the period | - | - | - | - | 552,930 | 552,930 | 738 | 553,668 | |||||||||||||||
Financial assets at fair value through other | ||||||||||||||||||||||||||
Other comprehensive income / (loss) for the period | - | - | - | 16,029 | - | 16,029 | (64) | 15,965 | ||||||||||||||||||
comprehensive income | 116,262 | 128,365 | ||||||||||||||||||||||||
Advances for projects and investments | 262,558 | 209,123 | Total comprehensive income for the period | - | - | - | 16,029 | 552,930 | 568,959 | 674 | 569,633 | |||||||||||||||
Investment properties | 36,008,137 | 35,520,905 | Shareholders' contribution: | |||||||||||||||||||||||
Property, plant and equipment | 502,657 | 528,595 | ||||||||||||||||||||||||
Right-of-use assets | 9,819 | 11,857 | Dividends for 2022 | - | - | - | - | (680,968) | (680,968) | - | (680,968) | |||||||||||||||
Investments in associates | 23,740 | 85,829 | ||||||||||||||||||||||||
Goodwill | 132,411 | 132,411 | Disposal of Financial asset at fair value through other | |||||||||||||||||||||||
Deferred tax assets | 4,000 | 4,436 | - | - | - | 10,869 | (10,869) | - | - | - | ||||||||||||||||
TOTAL ASSETS | 40,087,811 | 39,986,450 | comprehensive income | |||||||||||||||||||||||
LIABILITIES AND EQUITY | Disposal of investment in associate | - | - | - | 3,366 | - | 3,366 | - | 3,366 | |||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Payables and other liabilities | 1,267,463 | 1,392,638 | Dividend paid to non-controlling interest | - | - | - | - | - | - | (7,500) | (7,500) | |||||||||||||||
Provisions | 25,797 | 25,932 | Balance at 30 June 2023 (Reviewed) | 3,891,246 | 2,034,094 | 4,639,231 | (346,586) | 10,960,150 | 21,178,135 | 169,549 | 21,347,684 | |||||||||||||||
End of service benefits | 130,643 | 133,035 | ||||||||||||||||||||||||
Due to related parties | 287,690 | 178,279 | ||||||||||||||||||||||||
Lease liabilities | 290,000 | 302,158 | Equity attributable to owners of the Parent | |||||||||||||||||||||||
Obligations under Islamic finance contracts | 16,725,751 | 16,479,664 | ||||||||||||||||||||||||
Deferred tax liabilities | 12,783 | 11,591 | Share | Legal | General | Retained | Non-controlling | |||||||||||||||||||
TOTAL LIABILITIES | 18,740,127 | 18,523,297 | Capital | reserve | reserve | Other reserves | earnings | Total | interest | Total Equity | ||||||||||||||||
EQUITY | QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | QR'000 | ||||||||||||||||||
Share capital | 3,891,246 | 3,891,246 | ||||||||||||||||||||||||
Legal reserve | 2,034,094 | 2,034,094 | ||||||||||||||||||||||||
General reserve | 4,639,231 | 4,639,231 | Balance at 1 January 2022 (Audited) | 3,891,246 | 2,033,140 | 4,639,231 | (401,074) | 10,708,713 | 20,871,256 | 171,852 | 21,043,108 | |||||||||||||||
Other reserves | (346,586) | (376,850) | Net profit for the period | |||||||||||||||||||||||
Retained earnings | 10,960,150 | 11,099,057 | - | - | - | - | 536,872 | 536,872 | 8,388 | 545,260 | ||||||||||||||||
Total equity attributable to equity holders of | 21,178,135 | 21,286,778 | Other comprehensive (loss) / income for the period | - | - | - | (9,296) | - | (9,296) | 22 | (9,274) | |||||||||||||||
the Parent | ||||||||||||||||||||||||||
Total comprehensive (loss) / income for the period | ||||||||||||||||||||||||||
Non-controlling interests | 169,549 | 176,375 | - | - | - | (9,296) | 536,872 | 527,576 | 8,410 | 535,986 | ||||||||||||||||
TOTAL EQUITY | 21,347,684 | 21,463,153 | Shareholders' contribution: | |||||||||||||||||||||||
TOTAL LIABILITIES AND EQUITY | 40,087,811 | 39,986,450 | ||||||||||||||||||||||||
Dividends for 2021 | - | - | - | - | (680,968) | (680,968) | - | (680,968) | ||||||||||||||||||
These interim condensed consolidated financial statements were authorised for issuance by | Relating to disposal of investment in an associate | - | - | - | 42,770 | (42,770) | - | - | - | |||||||||||||||||
the Board of Directors on 26 July 2023 and signed on their behalf by: | Dividend paid to non-controlling interest | - | - | - | - | - | - | (7,500) | (7,500) | |||||||||||||||||
Nasser Bin Sultan Al-Hemaidi | Abdulla Bin Jobara Al Romaihi | Balance at 30 June 2022 (Reviewed) | 3,891,246 | 2,033,140 | 4,639,231 | (367,600) | 10,521,847 | 20,717,864 | 172,762 | 20,890,626 | ||||||||||||||||
Board Member | Group Chief Executive Officer | |||||||||||||||||||||||||
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Barwa Real Estate Company QSC published this content on 26 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2023 11:42:14 UTC.