Qatar’s Barwa Real Estate, one of the Gulf Arab state’s largest listed developers, reported a near-trebling of second-quarter net profit on Monday, according to Reuters calculations.

Barwa made a net profit of 550 million riyals ($151.1 million) in the three months to June 30, Reuters calculated based on previous financial statements in the absence of quarterly breakdown.

This compares with a profit of 193 million riyals in the prior-year period, Reuters data shows.

Barwa made a net profit of 1.20 billion riyals in the first half of 2016, compared with 3.45 billion riyals in the corresponding period of last year, a bourse statement showed.

Qatari Diar, a real estate-focused unit of sovereign wealth fund the Qatar Investment Authority, owns 45 percent of Barwa.

Source: Reuters