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UDC Announces a Net Profit of QAR416 million in Latest Report

The Pearl Qatar

United Development Company (UDC), master developer of The Pearl-Qatar, announced its third quarter financial results, ending 30 September 2018, reporting a net profit of QAR416 million on revenues of QAR1.29 billion. The net profit attributable to equity shareholders stood at QAR385 million and basic earnings per share was at QAR1.09.

UDC Chairman Turki bin Mohammed Al Khater said UDC has achieved good performance given the challenging conditions prevailing in today’s real estate market. He said that UDC is relatively strong even under difficult circumstances.

It was a testament to the quality of properties being offered at The Pearl-Qatar and to the prospective nature of three major developments being currently undertaken by UDC, pursuant to the master plan. This aims to ensure that The Pearl-Qatar remains the premier real estate development in Qatar and the location of choice for investors, developers, owners, residents and tenants.’

Al Khater also noted that UDC’s unique real estate portfolio at The Pearl-Qatar includes properties for sale, consisting of land plots, apartment and townhouse units, and properties for lease, office space and residential and retail units, all within a self-sufficient community.

These uniquely designed properties have an ambiance that is unmatched by other real estate developments in the State of Qatar. So, while The Pearl-Qatar was already well positioned, three additional major developments are being undertaken by UDC to enhance The Pearl, and make it unmatched.’

The crown jewel of the three major developments is Gewan Island, a development that will include an assortment of waterfront and beach front villas, private island villas, apartments as well as retail and hospitality outlets, entertainment and sports facilities, and mosque, artistically woven into the reworked and reclaimed land that is adjacent to The Pearl-Qatar.

The remaining two developments include Giardino Village, an area designed for apartments and villas, with a gated community, retail and hospitality outlets, recreation facilities and an international school. Al Mutahidah Towers, a twin tower building jointly connected by a bridge from the 12th to the 24th floor and designed for residential units will also be available for sale or lease, and will be equipped with its own amenities.

UDC President and Chief Executive Officer, Ibrahim Jassim Al Othman affirmed UDC’s dedication to advance and execute the distinctive development projects, while achieving sound financial returns, and keeping the ultimate objective of meeting the shareholders’ expectations. He said that UDC’s financial results this third quarter of 2018 were good, considering the challenging conditions under which they were achieved.

UDC activities cover a multitude of vital investment sectors including real estate development, property management, infrastructure and utilities, energy-intensive industries, hydrocarbon downstream manufacturing, maritime related businesses, and hospitality.

For more information about the company, visit udcqatar.com.

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