By: Waleed Abdul Salam

Doha – Mubasher: Total profits of the Qatar Stock Exchange’s (QSE) real estate sector grew by 41.2% in the third quarter of fiscal 2016 to QAR 831.57 million ($228.1 million), compared to QAR 588.9 million for Q3-15.

The real estate sector includes four companies; Ezdan Holding, Barwa Real Estate, Mazaya Qatar and United Development Company.

United Development recorded the highest growth of 141.1% in its net profit for Q3-16 to QAR 151.64 million, versus QAR 62.89 million for Q3-15.

Barwa Real Estate came second with a rise of 133.7% in its profits for Q3-16 to QAR 301.05 million from QAR 128.82 million for Q3-15.

Meanwhile, Mazaya Qatar made the lowest increase of 0.44% in its profits for Q3-16 to QAR 365.56 million from QAR 363.96 million for Q3-15.

However, total profits of the four listed companies declined in the first nine months of the year by 39.1% to QAR 3.36 billion, compared to QAR 5.52 billion for the same period of 2015.

Barwa made the highest gains in the January-September period of 2016 with a net profit of QAR 1.51 billion, followed by Ezdan and Mazaya Qatar with QAR 1.29 billion, while Mazaya Qatar posted the lowest profits of QAR 74 million for the nine-month period.

Translated by: Elwy el-Manzalawy