UDC Reports Net Profit of QAR343 Million as of 30 September 2019
United Development Company (UDC), master developer of The Pearl-Qatar and Gewan Islands, announced its financial results for the nine-month period which ended 30 September 2019, reporting a net profit of QAR343 million over revenues of QAR 1.3 billion.
The net profit attributable to the equity shareholders was QAR319 million and basic earnings per share was QAR0.090.
According to UDC Chairman Turki bin Mohammed Al Khater, UDC has delivered commendable financial results in a challenging real-estate market. He also reported good progress on Gewan Island and other key development projects at The Pearl-Qatar.
Applying a clear strategy along with outstanding community and customer service initiatives will attract new investments to The Pearl-Qatar and maintain steady revenues.’
UDC President, CEO and Member of the Board Ibrahim Jassim Al Othman, said there is significant progress on Gewan Island, their latest flagship project. UDC has awarded the marine works contract on the island to the joint venture of UrbaCon Trading and Contracting Company and Promar Marine Contracting Company. They also signed a financing arrangement with Qatar National Bank and Commercial Bank for the development of the island, having a credit ceiling of QAR1.25 billion.
UDC has also this week showcased their projects across The Pearl-Qatar and Gewan Island during Cityscape Qatar 2019, the largest real estate event in Qatar.
For updates and more information about UDC, visit their website at udcqatar.com.