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, recording a net profit of QR 83 million on revenue of QR 386 million.
Net profit attributable to shareholders was QR 80 million with basic earnings per share of QR 0.023.
Commenting on the results, UDC Chairman Turki bin Mohammed Al Khater said: “UDC managed to deliver satisfactory financial results for the first quarter of 2022, while continuing to develop a diversified portfolio of residential and commercial properties. vital to The Pearl Island and to sustain its business with strategic investments in Gewan Island.
Al Khater went on to say, “UDC is ambitious about the prospects and opportunities generated by the World Cup scheduled for Qatar later this year, and therefore we will continue our tireless efforts to realize all our projects and provide residential developments. unrivaled as well as unique shopping and dining experiences to all of our potential residents, investors, tourists and visitors.
Finally, Al Khater said: “This year is particularly special as it will see the launch of a number of important milestones in UDC’s portfolio of projects which will certainly improve its sources of financial income and further consolidate its leadership in real estate. , hospitality, entertainment. , and trade in addition to the large public institutions with added value expected, mainly United School International, which is scheduled to open around the start of the 2022/2023 school year, and The Pearl International Hospital by the end of the year.
For his part, UDC’s Chairman, CEO and Board Member, Ibrahim Jassim Al Othman, said: “The earnings achieved in the first quarter of 2022 underscore the continued confidence of investors in UDC and the economic recovery that the sector Qatar real estate knows before. the 2022 World Cup.”
Al Othman added: “We continue to work to generate sustainable income through our sales and rental activities, while constantly working to complete our ongoing projects, which will give UDC a solid foundation for new growth opportunities. long-term expansion”.
In the first quarter of 2022, UDC successfully delivered a number of vital residential and commercial projects, which will begin to generate new revenue streams this year, including Giardino Mall, Giardino Gardens Villas in addition to Compound B of the three Floresta Gardens residential complexes. of 32 high-end villas.
Al Othman said The Pearl Island maintains its position as a premier residential, retail and leisure destination, as evidenced by the growing number of visitors to the island.
Al Othman further pointed out that residential occupancy at The Pearl Island has flourished with 89 new leases signed for UDC properties, while UDC has sold 30 completed residential units across The Pearl Island, as well as land and 4 apartments in Gewan Island. The Pearl Island also welcomed 14 new retail stores and leased 3,500 m² of retail space at Pearl and Gewan Islands.
On the development side, UDC achieved major milestones in the construction of the Corinthia Yacht Club in Porto Arabia, including the concreting works of the piles, basement and central walls and successfully finalized the infrastructure networks of Floresta Gardens which provide connecting connections for UDC’s three villa complexes. and the ten mid-rise towers from other developers. Work to update Pearl Island’s infrastructure is also progressing and aims to improve safety, efficiency and services on the island.
At the same time, UDC is continuing the construction works on Gewan Island, where the maritime works and the structural works of the Gewan Bridge have been fully completed, as well as the implementation works of the Corinthia Gewan Island Hotel and the ancillary golf course and beach club, for which the main works started earlier. in March. Other project development components are also being implemented as planned.
Al Othman concluded his statement by saying, “UDC’s sustained performance in the first quarter of 2022 represents a resilient business that is shaping Qatar’s cityscape to meet the changing demands of the community by capitalizing on the attractiveness of the Pearl and Gewan Islands. as leading and dynamic investment destinations”.
UDC’s activities cover a multitude of vital investment sectors, including real estate development, property management, infrastructure and utilities, maritime and hotel activities.