United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, has reported net profit of QR83mn on revenues of QR386mn in the first quarter (Q1) of this year.
“UDC succeeded in delivering satisfying financial results for Q1, 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,” said its chairman Turki bin Mohamed al-Khater.
The net profit attributable to the equity shareholders stood at QR80mn with basic earnings-per-share of QR0.023 at the end of March 31, 2022.
“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,” he added.
He highlighted that 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 2022-23, and The Pearl International Hospital by end of the year.
UDC president and chief executive Ibrahim Jassim al-Othman said the profits in Q1, 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.
“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,” he said.
“UDC’s sustainable performance in Q1, 2022 represents a resilient business that is shaping Qatar’s urban landscape to meet evolving community demands by capitalising on The Pearl and Gewan Islands’ appeal as premier and dynamic investment destinations," he added.
In Q1 2022, UDC 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.
He said the 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 one land plot and four apartments in Gewan Island.
The Pearl Island also welcomed 14 new retail stores and leased 3,500sq m retail spaces at The Pearl and Gewan Islands.
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 provides tie-in connections for UDC’s three villa compounds and other developers’ ten mid-rise towers.
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 annex Golf Course and Beach Club, for which main works’ have commenced earlier in March. Other project development components are also being executed as planned.
The net profit attributable to the equity shareholders stood at QR80mn with basic earnings-per-share of QR0.023 at the end of March 31, 2022.
“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,” he added.
He highlighted that 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 2022-23, and The Pearl International Hospital by end of the year.
UDC president and chief executive Ibrahim Jassim al-Othman said the profits in Q1, 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.
“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,” he said.
“UDC’s sustainable performance in Q1, 2022 represents a resilient business that is shaping Qatar’s urban landscape to meet evolving community demands by capitalising on The Pearl and Gewan Islands’ appeal as premier and dynamic investment destinations," he added.
In Q1 2022, UDC 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.
He said the 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 one land plot and four apartments in Gewan Island.
The Pearl Island also welcomed 14 new retail stores and leased 3,500sq m retail spaces at The Pearl and Gewan Islands.
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 provides tie-in connections for UDC’s three villa compounds and other developers’ ten mid-rise towers.
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 annex Golf Course and Beach Club, for which main works’ have commenced earlier in March. Other project development components are also being executed as planned.
