UDC Chairman Turki bin Mohammed Al Khater and UDC President and CEO Ibrahim Al Othman
DOHA: United Development Company (UDC), a leading Qatari shareholding company and master developer of The Pearl-Qatar, reported a net profit of QR220m on revenues of QR528m for the first quarter of 2018 (Q1,18). The net profit attributable to the equity shareholders stood at QR215m and basic earnings per share was QR0.61.
UDC Chairman Turki bin Mohammed Al Khater said he was pleased to see such performance showing, given the challenging economic conditions that have prevailed. “These results are especially noteworthy when considering they are a product of UDC’s existing portfolio. With many new developments coming up at The Pearl-Qatar to compliment the properties already in operation, it shows that the future is indeed bright for UDC as we continue to develop The Pearl-Qatar in such a favorable manner,” he said.
The Chairman added: “UDC launched Gewan Island, our newest mixed-use real estate development, during Cityscape Exhibition on April 22, 2018, offering a new investment and residential venture on the promising local market”.
UDC President and Chief Executive Officer Ibrahim Al Othman expressed his optimism on UDC’s outlook being prospective. He said, “it is the variety of innovated properties placed in a first class community setting that sets The Pearl-Qatar apart from its competition and has given UDC the flexibility needed to successfully manage its business through tough times.
This distinction is becoming readily apparent with the new projects at Al Mutahidah Towers, Giardino Village, Floresta Gardens and the new island Gewan coming on. We are ambitious about what these new projects will bring as they will allow UDC to realize the great potential of the planned objectives”.
“The Company has also witnessed a steady increase in the retail leasing occupancy rate at The Pearl-Qatar. The volume of leased retail properties during Q1 2018 had increased by 20 percent compared to the first quarter of 2017, making The Pearl-Qatar a “must have” location for the predominant retailers operating in Doha. UDC has also concluded a major lease agreement with a corporate tenant covering 285 residential units at Medina Centrale commencing in Q2 of 2018,” Al-Othman added.
He said he was “pleased to see UDC getting off to a good start in 2018 as this year will become the springboard for our future success. While the current market challenges to deliver on the new developments are formable, I am optimistic that the course of action set by the company is achievable and will be rewarding to our shareholders, who have put their trust in UDC”.
Community services are also part of UDC’s planned developments, including mosques, amenities, an international school and a general hospital. A total community experience awaits all residents, tenants and visitors who come to The Pearl-Qatar.
UDC is a leading Qatari public shareholding company with a mission to identify and invest in long-term projects contributing to Qatar’s growth and providing good shareholder value. UDC activities cover a multitude of vita
l investment sectors including real estate development, property management, infrastructure and utilities, energy-intensive industries, hydrocarbon downstream manufacturing, maritime related businesses, and hospitality.
