The real estate market in Qatar has fallen sharply since last year 2018

The real estate market in Qatar has fallen sharply since last year, resulting in lower profits for real estate companies and other companies in the raw materials sector needed for the construction sector in the country.

Barwa Real Estate said its second-quarter profit fell 76.1 percent year-on-year, according to a statement from Qatar Exchange.

Barwa reported a profit of 95.35 million rupees ($ 26.36 million) for the quarter ended June 30, compared to 398.79 million rupees ($ 110.23 million) for the corresponding period of 2018 .

In the first half of this year, Barwa posted a profit of 509.64 million riyals, down 36.6 percent from its level of the first six months of 2018.

Net rental and leasing revenues decreased 8.5% to $ 446.96 million, with fair value gains from real estate investments falling 2.9% to 290.22 million rupees, of which 3.93 million rupees instead of 11.36. One million riyals.

General and administrative expenses increased 2.8% to R 118.72 million and operating income before financing, amortization and income taxes decreased by 9.3% to $ 681.16 million. QR, the financing cost amounting to 36.6% to 166.63 million QR.

The net profit of Qatar National Cement Company fell by 40.5% in the first half of 2019 compared to the same period in 2018, affected by the decline in the real estate sector.

Net profit fell to 100.14 million riyals (27.52 million dollars) in the first half of 2019, the company said in a statement to the Qatar Stock Exchange.

Information provided to the Qatar Exchange (QE) by the company showed that net income for the first quarter was down to 90.9 million QAR (24.98 million USD) in the first half of 2019.

QIG's net profit increased by nearly 143.63 million rupees ($ 39.48 million) in the first half of 2018, a decrease of nearly 36.7%.

Revenue for the first half of 2019 decreased by 19.5% to R $ 310.3 million ($ 85.29 million), compared to R $ 385.5 million ($ 105.96 million) for the same period of 2018.

Earnings per share amounted to 0.07 QAR in the first half of 2019, compared to 0.11 QAR for the same period last year.

The weak performance of the Qatari economy also resulted in lower revenues and capital of Ezdan Holding Company operating in several sectors, including real estate, in the first half of 2019.

The real estate company in the first half fell 26.7 percent to 2.962 billion riyals ($ 814.1 million), against 4.042 billion riyals ($ 1.11 billion) in the corresponding period of 2018, a year earlier. announced the real estate company in a communication on the Qatar Stock Exchange.

The US "Bloomberg" agency revealed, in a report released in early July, that Qatar was experiencing a state of economic weakness with the near completion of 2022 World Cup-related infrastructure works and a cost of $ 200 billion. of dollars.

Construction fell 1.2% over the previous year in the first three months of 2019, according to the Qatar Agency for Statistics and Planning, noting that the decline was slowing growth global economy. For the economy.