UDC reports QR176m net profit for Q1 2019

DOHA:  United Development Company (UDC), a leading Qatari public shareholding firm listed in QSE, reported a net profit of QR176m for the first quarter of this financial year ended March 31 (Q1 2019). The revenues of the real estate giant, which is the master developer of The Pearl-Qatar and Gewan islands, stood at QR530m for the period.

The net profit attributable to the equity shareholders stood at QR171m and basic earnings per share was QR0.48 (48 dirhams).

UDC Chairman Turki bin Mohammed Al Khater said: “I am pleased to see UDC getting off to a good start in 2019. These results are especially noteworthy given the challenging market conditions under which they were generated. With many significant developments coming up at The Pearl-Qatar to complement the properties already developed, it shows that the future for UDC is indeed bright, with the development of The Pearl-Qatar in full bloom”.

Al Khater added: “UDC is well positioned to sustain its success, given the broad mix of quality assets that are available at The Pearl-Qatar. With a portfolio that includes land plots, apartments and townhouse developments to sell, and office, residential, retail, and hospitality units to lease, all set within in a safe, secure and self-sufficient community, The Pearl-Qatar has become the crown jewel of Qatar’s real estate market. Designed and constructed to the highest of international standards, its quality, ambiance, and aesthetics are unmatched in the State of Qatar”.

He further added: “It is the combination of innovating properties placed in a community setting that sets The Pearl-Qatar apart from its competition and has given UDC the flexibility it needs to navigate its business in turbulent times. This distinction is becoming more and more apparent with the new projects at Al Mutahidah Towers, Giardino Village and especially Floresta Gardens, where sales of 10 towers’ land plots across “Floresta Gardens” will be released soon. In addition, the development of the new Gewan Island continues to take shape. These exciting new projects will be the catalyst that enables UDC to realize its great potential to achieve its objectives”.

For his part, UDC President, CEO and Member of the Board, Ibrahim Jassim Al Othman said: “UDC’s results were indeed positive. We have commenced new developments and will be placing them into operation according to our business plan, while continuing to foster an excellent customer experience for all the valued residents, retailers and visitors who are at The Pearl-Qatar”.

Al Othman said: “UDC has witnessed a steady increase in residential leasing occupancy rates at The Pearl-Qatar with rates 40 percent higher in Q1 of 2019 compared to Q1 of 2018. The volume of leased retail properties is also holding steady year over year making The Pearl-Qatar the premier location for retailers and residents alike.”

He further said: “UDC’s fast start to 2019 will serve as a springboard for further success. While the challenges to deliver on the new developments are formable, I am optimistic that the course of action set by the Company is achievable and that the shareholders who have put their faith and trust in UDC will be rewarded.”

UDC activities cover a multitude of vital investment sectors including real estate development, property management, infrastructure and utilities, maritime and hospitality related businesses.

Source from: The Peninsula