UDC posts net profit of QR83 mn on revenues of QR386 mn in Q1

Tribune News Network Doha United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan I...

Tribune News NetworkDoha United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, on Thursday announced that the company reported a net profit of QR83 million on revenues of QR 386 million in the first quarter of 2022. The net profit attributable to the equity shareholders stood at QR80 million with basic earnings per share of QR 0.023.Commenting on the results, UDC Chairman Turki bin Mohammed Al Khater said, “UDC succeeded in delivering satisfying financial results for the first quarter of 2022 while continuing to develop a diversified portfolio of vital residential and commercial properties at The Pearl Island and futureproofing its business with strategic investments at Gewan Island.”Khater said, “UDC is ambitious about the prospects and opportunities generated by Qatar’s anticipated World Cup later this year, and hence we will continue our tireless efforts to deliver across all our projects and provide unparalleled residential developments as well as unique shopping and dining experiences to all our prospective residents, investors, tourists and visitors.”Khater said, “This year is particularly special as it will witness the launch of a number of prominent landmarks from UDC’s portfolio of projects which will certainly enhance its financial income sources and further consolidate its leadership in the real estate, hospitality, entertainment, and retail sectors in addition to the major added-value public establishments expected mainly United School International which is planned to be opened toward the academic year 2022/2023, and The Pearl International Hospital by end of the year.”For his part, UDC President, CEO and Member of The Board Ibrahim Jassim Al Othman said, “The profits achieved in the first quarter of 2022 underscore investors’ continued confidence in UDC and the economic recovery that Qatar’s real estate sector is witnessing ahead of the 2022 World Cup.”Othman said, “We continue to work on achieving sustainable revenues from our sales and leasing activities while working consistently to complete our ongoing projects, which will give UDC firm grounds for further expansion opportunities in the long run.”In the first quarter of 2022, UDC has successfully delivered a number of vital residential and commercial projects, which will start generating new revenue streams this year, including Giardino Mall, Giardino Gardens villas in addition to Compound B of Floresta Gardens’ three residential compounds consisting of 32 high-end villas.Othman indicated that The Pearl Island maintains its position as a leading residence, retail and leisure destination, as evidenced by the increasing number of visitors to the Island.Othman further pointed out that residential occupancy at The Pearl Island thrived with 89 new rental contracts signed for UDC properties, while UDC sold 30 completed residential units across The Pearl Island, as well as 1 land plot and 4 apartments in Gewan Island. The Pearl Island also welcomed 14 new retail stores and leased 3,500 sqm retail spaces at The Pearl and Gewan Islands.On the development side, UDC has completed major milestones in the construction of Corinthia Yacht Club in Porto Arabia, including piling, basement, and core walls concrete works and successfully finalised Floresta Gardens’ infrastructure networks which provide tie-in connections for UDC’s three villa compounds and other developers’ ten mid-rise towers. Pearl Island’s infrastructure update works are also progressing and aiming to enhance the Island’s safety, efficiency, and services.In parallel, UDC pursues construction works across Gewan Island, where marine works and Gewan Bridge’s structural works have been fully completed, as well as enabling works for Corinthia Gewan Island Hotel and annexe Golf Course and Beach Club, for which main works’ have commenced earlier in March. Other project development components are also being executed as planned.Othman said, “UDC’s sustainable performance in the first quarter of 2022 represents a resilient business that is shaping Qatar’s urban landscape to meet evolving community demands by capitalizing on The Pearl and Gewan Islands’ appeal as premier and dynamic investment destinations.”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 vital investment sectors including real-estate development, property management, infrastructure and utilities, maritime and hospitality-related businesses.