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United Development Company Announces Q1 2022 Financial Results
Net profit of QR 83 million on revenues of QR 386 million
• Al-Khater: “UDC is ambitious about Qatar’s anticipated World Cup and will continue working tirelessly to provide unparalleled developments and unique experiences to investors and tourists”
• Al-Othman: “In continuation to the execution of the Company’s development plans, UDC delivered Giardino Mall, Giardino Gardens villas and 32 high-end villas in Floresta Gardens”
Doha-Qatar, 21 April 2022: United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands announced its financial results for the first quarter of 2022, reporting net profit of QR 83 million on revenues of QR 386 million. The net profit attributable to the equity shareholders stood at QR 80 million with basic earnings per share of QR 0.023.
Commenting on the results, UDC Chairman, H.E. Mr. 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.”
H.E. Mr. Al-Khater continued by saying: “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.”
Finally, H.E. Mr. Al-Khater stated: “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 & Member of The Board, Mr. 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.”
Mr. Al-Othman further added: “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.
Mr. Al-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.
Mr. Al-Othman further pointed 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 finalized Floresta Gardens’ infrastructure networks which provides tie-in connections for UDC’s three villa compounds and other developers’ ten mid-rise towers. The 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 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.
Mr. Al-Othman concluded his statement saying: “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. Established in 1999, the company was first listed on the Qatar Exchange in June 2003. It has an authorized share capital of QR 3.5 billion and total assets of QR 20 billion as at 31 March 2022.
UDC activities cover a multitude of vital investment sectors including real-estate development, property management, infrastructure and utilities, maritime and hospitality related businesses.