By: Aml Hosny
Doha – Mubasher: The profits of four real estate companies listed on the Qatar Stock Exchange (QSE) grew 9.2% year-on-year in the first quarter of 2017.
United Development Company, Barwa Real Estate, Ezdan Holding Group, and Mazaya Qatar Real Estate Development posted profits of QAR 1.66 billion ($455.77 million) in Q1-17, compared to QAR 1.52 billion ($417.33 million) in Q1-16, according to filings to QSE.
Ezdan’s profits grew 61.55% to of QAR 945.79 million in Q1-17, compared to QAR 585.65 million in the same period in 2016, acquiring 57% of the sector’s total profits.
Barwa achieved QAR 479.43 million in Q1-17, compared to QAR 651.46 million in the corresponding quarter in the year before, showing a 26.4% drop.
On a year-on-year basis, United Development profits declined 10.9% to QAR 230.77 million in Q1-17, compared to QAR 258.89 million.
Mazaya Qatar’s profits slid 81.2% to QAR 5.02 million in Q1-17, compared to QAR 26.69 in Q1-16.
Translated by: Mohamed Hesham Azab
