United Development Company announces Q2 2018 Financial Results

Net profit of QR 279 million on revenues of QR 889 million

  
United Development Company announces Q2 2018 Financial Results
  • Al-Khater: “Gewan Island is destined to become the most unique development”
  • Al-Khater: “Other developments at The Pearl are progressing according to plan”
  • Al-Othman: “Steady increase in residential and retail leasing business”
  • Al-Othman: “Increase in residential properties rented by 56%”
  • Al-Othman: “Increase in volume of retail areas under lease by 19%”

Doha – Qatar: United Development Company (UDC), a leading Qatari shareholding company and master developer of The Pearl-Qatar announced its financial results for the first half of 2018, reporting net profit of QR 279 million on revenues of QR 889 million. The net profit attributable to the equity shareholders stood at QR 260 million and basic earnings per share was QR 0.74.

UDC Chairman H.E. Turki bin Mohammed Al-Khater said he was pleased to see good financial results being generated by UDC under challenging conditions. The half year results for 2018 affirm the quality of UDC’s existing portfolio and point to a prospective future, keeping UDC on the right track with a future that is bright and prosperous.

Mr. Al-Khater added that, “UDC is well positioned to sustain its success, given the broad mix of high quality assets and amenities it has to offer at The Pearl-Qatar. This portfolio includes an office tower, land plots and residential developments that are available for sale, with retail and hospitality units that are available to lease. Set within in a safe, secure and self-sufficient community, The Pearl-Qatar is a premier real estate development, possessing qualities unmatched by other real estate developments in the State of Qatar.

Mr. Al-Khater continued by saying the development of Gewan Island was destined to become the most unique development of the developments currently taking place in the country. As announced at Cityscape Qatar 2018, this development will include an assortment of waterfront and beach front villas, private island villas, apartments along with retail and hospitality outlets, entertainment facilities, and mosque, on reclaimed land adjacent to The Pearl-Qatar.

Mr. Al-Khater also advised that other residential, commercial and mixed-use developments, including the developments known as Giardino Village, Al Mutahidah Towers, Floresta Gardens and others, are progressing according to UDC’s masterplan. Upon their completion, these uniquely designed and special motif developments will bring character, growth and maturity to the island and set the island community as the best mixed-use real estate development.

UDC President and Chief Executive Officer, Mr. Ibrahim Jassim Al-Othman expressed his optimism over “UDC’s prospective outlook” and affirmed that UDC was committed to completing its new developments and placing them into operation.

Mr. Al-Othman continued by noting several significant achievements that had been realized by UDC during the first half of 2018, including:

  • concluding the sale of a major land plot in the Viva Bahriya precinct of the island;
  • concluding a major lease agreement with a corporate tenant covering 285 units at Medina Centrale commencing in Q2 of 2018;

Mr. Al-Othman also said the Company had witnessed a steady increase in residential and retail leasing business with occupancy rates at The Pearl-Qatar on the rise. The number of residential properties rented during the first half of 2018 had increased by 56% compared to the first half of 2017 while the volume of retail areas under lease had increased by 19% over the same period, making The Pearl-Qatar the “must have” place to be for residential and retail tenants”.

Mr. Al-Othman concluded by noting that UDC had achieved a good start in 2018 and that the momentum established during the first half of the year despite the surrounding challenges would carryover into the second half of the year”.

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 of 2003. It has an authorized share capital of QR 3.54 billion and total assets of QR 18.2 billion at 30 June 2018.

UDC activities cover a multitude of vital investment sectors including real estate development, property management, infrastructure and utilities, energy-intensive industries, hydrocarbon downstream manufacturing, maritime related businesses, and hospitality.

-Ends-

© Press Release 2018

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