UDC Reports Solid First Half 2017 Financial Results
United Development Company (UDC), the master developer of The Pearl-Qatar announced its financial results for the first half of 2017. The company achieved a net profit of QR318 million in the first half of the year while the net profit attributable to owners stood at QR284 million. Basic earnings per share stood at QR0.80.
UDC Chairman Turki bin Mohammed Al-Khater said that UDC continued its good performance for the year in the face of ‘challenging conditions’.
The first half of the year was unique on multiple levels. The company accelerated its sales of land and urban development while continuing to develop its residential projects and retail outlet presence at The Pearl-Qatar. These developments reflect our success in pursuing growth.’
UDC President and CEO Ibrahim Al-Othman said:
The first half results are in line with our strategy to generate sustainable value for our shareholders and investors while utilising UDC’s leading position in the local market to attract more visitors to The Pearl-Qatar.
Our first half results reflect a 32% increase in revenues compared to the same period of last year, which is evidence of our ability to stay viable despite the current global economic situation.’
Al-Othman noted that the past six months have been marked by many positive developments, with a number of development projects expected to enhance the occupancy rate of residential units and retail outlets at the The Pearl-Qatar.
UDC kicked off the construction of Al Mutahidah Towers, which will consist of two connected residential towers, comprising diverse residential units, all overlooking a beautiful waterfront with direct access to the beach. During the first half of the year, we also sold eight land plots in Giardino Village, one of the most luxurious and promising residential areas on the Island, lying in close proximity to shops and entertainment venues adjacent to Porto Arabia, Medina Centrale, Qanat Quartier and Viva Bahriya.’
Commenting on the company’s expected performance for the second half of the year, Al-Othman said they will continue to take advantage of The Pearl-Qatar’s position as Qatar’s real estate development of choice, and use their resources and experience to create a sustainable commercial and social environment that contributes positively to the project’s investment returns.
Ten prototype villas, currently under construction at the Giardino Village, will be offered for sale during the third quarter of 2017. We will also continue to inaugurate and attract new retail outlets and restaurants across the three retail locations on the island.
The company will continue to build on its success in real estate development through the launch of new projects that are in line with the highest global standards and will pursue these ventures in accordance with established plans and timetables.
For more information about UDC, visit their website through this link.