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Qatar’s UDC net profit jumps 6% to QR595m

Qatar’s UDC net profit jumps 6% to QR595m

DOHA: United Development Company (UDC), one of the leading Qatari public shareholding companies and master developer of The Pearl-Qatar, delivered an impressive QR595m net profit attributable to equity holders of the parent for the third quarter of 2015, up 6 percent compared to the same period in the previous year. UDC’s total net profit stood at approximately QR620m compared to QR589m for the same period last year, an increase of 5 percent.

United Development Company achieved progress in its group activities, while earnings per share for the third quarter for the year 2015 touched at QR1.68, with a year-on-year increase of 6 percent.

The positive third quarter results were driven by strong demand on its products via residential properties sales and leasing revenues at The Pearl-Qatar, the successful launch of Medina Centrale and its subsequent representation as the central hub for retail and entertainment at The Pearl-Qatar and cost optimisation and performance improvement strategies initiated by management.

Turki Al Khater, Chairman of United Development Company said that good results achieved by the Company for the third quarter of the year 2015 is attributable to the ongoing growth of the company’s business in The Pearl-Qatar this year, where UDC launched a number of high quality residential units and commercial leasing initiatives in distinctive areas of the Island, particularly Medina Central and Porto Arabia.

Revealing that UDC will soon be offering for sale residential plots at The Pearl-Qatar, which enhances the Company prominent position in the real estate market. Al Khater added, “The potential progress in our activities will lead to affirmative growth for the remainder of this year and we are looking forward to continuing this trend for our clients and shareholders.”

Ibrahim Jassim Al Othman, President and Chief Executive Officer of United Development Company, said, “Our financial results for the third quarter of the year 2015 reflects a positive performance by the Company, showing UDC’s ability to perform in a very competitive marketplace”.

Al Othman added, “We are confident our strategic plans will continue to enhance the variety of UDC’s business activities and to keep up the momentum for growth in the fourth quarter of the year, particularly as we stress on cost optimization and focus on our core business.”

“The Group’s yielding assets confirm the success of UDC’s strategy of diversifying and developing its investments in the Pearl Qatar Project,” the UDC President and Chief Executive Officer further explained. “This, coupled with our company’s clear vision for the requirements of the Qatari market, allow us to introduce our products at the right time, meet our investors’ expectation, apply effective cost optimisation strategies, focus on our core business while continuing to identify new opportunities to sustain revenue and growth in the long haul.”

During the third quarter of the year, United Development Company restructured the organisation of the company and its subsidiaries, in a way to improve performance and cost optimisation. Throughout its 15 years of activity, United Development Company has played a key role in the development of Qatar through creation of successful partnerships and urban development projects, namely the flagship man-made Island, The Pearl-Qatar.