UDC posts QR271mn profit in first quarter; revenue surges 15%

26/04/2016 07:48 AST

United Development Company (UDC) has posted a QR271mn net profit in the first quarter of 2016, while net profit attributable to owners of the company stood at QR259mn. UDC chairman Turki Mohamed al-Khater said: “Sustainable performance was maintained over the past three months. The company is ambitious for growth in different segments, and most notably The Pearl-Qatar where our continued focus on project delivery of premium residential and commercial units enables the company to be well-positioned in the real estate development sector.”

He added: “With the country’s economy on its route to recovery in 2016 and UDC’s proven ability to withstand different types of contingencies, The Pearl-Qatar continues to be a safe and lucrative investment for individual and institutional investors alike.” According to UDC president and CEO Ibrahim Jassim al-Othman, the first quarter results “reflect steady performance.”

“The company focused on maintaining sustainable revenue from its core operations. The revenue for the first quarter of 2016 increased by 15% than the prior period, and gross profit witnessed a 13% growth. This reflects the company’s ability to achieve revenue and maintain stable operating performance.

“In the first quarter, we have witnessed a steady rise in the residential and retail occupancy rates in The Pearl-Qatar, and we believe this progressive trend will continue as the island prepares to welcome a wider selection of retail shops in the vibrant district of Medina Centrale, in addition to dining outlets in Qanat Quartier later in 2016,” al-Othman said.

Highlighting the completion of Abraj Quartier’s iconic towers at The Pearl’s entrance by end of the second quarter of 2016, al-Othman said: “Abraj Quartier realises our strategic vision to make The Pearl-Qatar a fully-functional city and thus has been designed to fulfill the market demand for more commercial office spaces in the wider West Bay area, the country’s primary business district.”

Established in 1999, UDC was listed on the Qatar Stock Exchange in June 2003. Companies under its umbrella include United Fashion Company, Hospitality Development Company, Ronautica Middle East, Madinainova, United Technology Solutions, and The Pearl Owners Corporation, among many others.

UDC’s target areas of interest include infrastructure and utilities, real estate, hydrocarbon and energy, urban development, environmental-related businesses, hospitality and leisure, fashion, information technology, and business and facility management services.

Gulf Times