United Development Company (UDC), the master developer of The Pearl-Qatar and Gewan Island, has reported net profit of QR207mn on revenues of QR1.6bn for the period ended third quarter of 2021.
The net profit attributable to the equity shareholders stood at QR179mn and basic earnings-per-share was QR0.051.
“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," said Turki bin Mohamed al-Khater, UDC chairman.
UDC has consistently offered premium experiences and lifestyle opportunities across market segments; and its properties continue to be highly sought-after by local and foreign investors, who contribute in UDC maintaining a sustainable financial performance, he said.
“Looking ahead to the remainder of the year, UDC will continue building on its success in real estate developments 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,” al-Khater said.
Ibrahim Jassim al-Othman, UDC president and chief executive and member of The board, 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 the 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," he said.
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 neighbourhood, 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.
"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," al-Othman said.