A aerial view of 'Giardino Gardens' Villa Residential Compound.
Doha: United Development Company (UDC), the master developer of The Pearl-Qatar and Gewan Island, has reported a net profit of QR207m on revenues of QR1.6bn for the third quarter (Q3) of 2021. The net profit attributable to the equity shareholders reached QR179m and basic earnings per share stood at QR0.051.
UDC Chairman Turki bin Mohammed Al Khater said: “In the first nine months of 2021, UDC achieved a sustainable performance by balancing development activities across The Pearl-Qatar and Gewan Island with a continued focus on sales and leasing activities. This strategy, coupled with our rich portfolio of projects, has enabled UDC to sustain a diversified revenue stream.
“Looking ahead to the remainder of the year, UDC will continue building on its success in real-estate development at The Pearl-Qatar and Gewan Island, which are aligned with established plans and timetables and which reflect our commitment to preserving shareholders’ and investors’ values,” he added.
UDC President, Chief Executive Officer, and Member of The Board Ibrahim Jassim Al Othman said: “The third quarter results are in line with UDC’s strategy to focus on delivering projects that are currently under development and as per the target completion schedules. UDC is also maintaining demand as its unique properties continue to attract local demand and draw greater interest from international investors looking to settle in Qatar amid the positive economic prospects in the medium and long term, and the incentives provided by the freehold ownership law for residents and foreigners”.
In the third quarter, UDC launched ‘Giardino Gardens’, The Pearl-Qatar’s first villa compound for residential leasing as a unique offering that demonstrates UDC’s commitment to diversifying its property portfolio. In the same neighborhood, UDC continues to develop United School International and Giardino Mall for an enhanced sense of community. UDC is equally developing three villa compounds for residential leasing in Floresta Gardens precinct with Floresta Galleria mall which will cater to residents’ daily needs. In Porto Arabia, Corinthia Yacht Club is under progress offering The Pearl-Qatar residents and visitors the ideal location for casual gatherings and enjoyment as well as a prized addition to the Island’s distinctive facilities and innovative concepts that serve tourism and hospitality.
Commenting on the Company’s expected performance for Q4, Al Othman said: “UDC continues to pursue development activities at Gewan Island and various strategic projects at The Pearl-Qatar. We are equally committed to the Company’s strategy of creating more investment opportunities, building on our achievements, and reducing risks by taking advantage of the commercial and investment opportunities offered by The Pearl-Qatar and Gewan Island which is our latest and currently biggest development project”.
In Gewan Island, UDC achieved major development strides with overall construction works crossing the halfway mark and Crystal Residence’s building works scheduled to be completed in October 2022, including 15 mixed-use buildings, a climate-controlled Crystal Walkway in addition to the Island’s clubhouse, mosque and landscape of public spaces.
UDC and its subsidiaries have also completed a major purchase of the shares allotted to them from the National Central Cooling Company (Emirati Company) shares in Qatar District Cooling Company (Qatar Cool) to enhance UDC’s investment portfolio. This purchase aligns with UDC’s vision and general expansion plans which aim to invest in future promising businesses while sustaining good performing investments in its portfolio.
UDC has further obtained ISO 22301:2019 certification for developing and implementing a Business Continuity Management System conforming to internationally recognised standards. This makes UDC the first developer and The Pearl-Qatar the first community in Qatar to be certified for implementing strong business continuity management parameters to deal with disruptive incidents while continuing to operate essential functions, maintaining The Pearl-Qatar’s position as a leading destination for a premium lifestyle and UDC as a reliable developer which will remain functional even in times of crisis.
Established in 1999, UDC is a leading Qatari public shareholding company with an authorised share capital of QR3.5bn and total assets of QR19.7bn as at September 30, 2021.
