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United Development Company announces financial results for the first half of 2023
July 26, 2023 / Financial News
Net profit of QR 189 million and revenues of QR 881 million
New real estate financing regulations contribute to the real estate sector's growth
Doha, Qatar - July 26, 2023: 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 half of 2023, reporting net profit of QR 189 million and revenues of QR 881 million. The net profit attributable to the equity shareholders was QR 188 million and basic earnings per share were QR 0.053.
In the first half of 2023, UDC has achieved a commendable level of sustainability, successfully balancing its development and commercial activities between The Pearl and Gewan Islands. The Company's unwavering focus on operational efficiency and delivery excellence has played a pivotal role in maintaining this equilibrium. Consequently, UDC has managed to establish a diversified revenue stream, ensuring a stable financial outlook.
Based on the new regulations for real estate financing announced by Qatar Central Bank, UDC is looking forward to taking full advantage of these measures that play a significant role in regulating and driving the development of the real estate sector.
The mechanisms and regulations put in place are thoughtfully designed to regulate the sector and drive further progress, presenting numerous advantages for investors from Qatar and abroad. UDC firmly believes that these proactive measures will yield positive outcomes, contributing to the continuous growth and development of the real estate market.
UDC's unwavering support for Qatar's vision and its commitment to delivering exceptional projects on The Pearl Island and Gewan Island exemplify the Company's dedication to elevating the real estate landscape in the region. As UDC continues to implement innovative strategies and adhere to high standards, it reinforces its position as a key player in shaping the future of urban development and contributing to its prosperity in the long-term.
On the development front and during the first half of the year, UDC, through its projects in The Pearl and Gewan Islands, was committed to providing a varied property portfolio coupled with world-class communal facilities, giving investors access to a diverse range of residential and commercial projects in a prominent and strategic location that offers numerous incentives and advantages. This in turn, contributes to creating added value for shareholders and providing them with sustainable revenues.
UDC's ongoing commitment to diversification and innovation in its residential projects reflects its dedication to meeting the diverse needs of investors and enhancing its overall lifestyle offering. Recently, UDC inaugurated United School International and is soon to open United International Hospital on The Pearl Island. UDC also offers innovative and comprehensive residential options, including apartments, villas, residential compounds, and more, catering to a wide range of investor needs. Additionally, the Company has introduced other investment projects on Gewan Island, mainly at Crystal Residence apartments and the climate-controlled Crystal Promenade.
Gewan Island is slated for a full launch in early 2024, promising to become a globally renowned destination that seamlessly blends luxury residences and an array of recreational activities. The fusion of these elements will offer an unparalleled and distinctive experience, captivating both local residents and international visitors alike.
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 19.6 billion as at 30 June 2023.
UDC activities cover a multitude of vital investment sectors including real-estate development, property management, infrastructure and utilities, district cooling, maritime and hospitality related businesses.
New real estate financing regulations contribute to the real estate sector's growth
Doha, Qatar - July 26, 2023: 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 half of 2023, reporting net profit of QR 189 million and revenues of QR 881 million. The net profit attributable to the equity shareholders was QR 188 million and basic earnings per share were QR 0.053.
In the first half of 2023, UDC has achieved a commendable level of sustainability, successfully balancing its development and commercial activities between The Pearl and Gewan Islands. The Company's unwavering focus on operational efficiency and delivery excellence has played a pivotal role in maintaining this equilibrium. Consequently, UDC has managed to establish a diversified revenue stream, ensuring a stable financial outlook.
Based on the new regulations for real estate financing announced by Qatar Central Bank, UDC is looking forward to taking full advantage of these measures that play a significant role in regulating and driving the development of the real estate sector.
The mechanisms and regulations put in place are thoughtfully designed to regulate the sector and drive further progress, presenting numerous advantages for investors from Qatar and abroad. UDC firmly believes that these proactive measures will yield positive outcomes, contributing to the continuous growth and development of the real estate market.
UDC's unwavering support for Qatar's vision and its commitment to delivering exceptional projects on The Pearl Island and Gewan Island exemplify the Company's dedication to elevating the real estate landscape in the region. As UDC continues to implement innovative strategies and adhere to high standards, it reinforces its position as a key player in shaping the future of urban development and contributing to its prosperity in the long-term.
On the development front and during the first half of the year, UDC, through its projects in The Pearl and Gewan Islands, was committed to providing a varied property portfolio coupled with world-class communal facilities, giving investors access to a diverse range of residential and commercial projects in a prominent and strategic location that offers numerous incentives and advantages. This in turn, contributes to creating added value for shareholders and providing them with sustainable revenues.
UDC's ongoing commitment to diversification and innovation in its residential projects reflects its dedication to meeting the diverse needs of investors and enhancing its overall lifestyle offering. Recently, UDC inaugurated United School International and is soon to open United International Hospital on The Pearl Island. UDC also offers innovative and comprehensive residential options, including apartments, villas, residential compounds, and more, catering to a wide range of investor needs. Additionally, the Company has introduced other investment projects on Gewan Island, mainly at Crystal Residence apartments and the climate-controlled Crystal Promenade.
Gewan Island is slated for a full launch in early 2024, promising to become a globally renowned destination that seamlessly blends luxury residences and an array of recreational activities. The fusion of these elements will offer an unparalleled and distinctive experience, captivating both local residents and international visitors alike.
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 19.6 billion as at 30 June 2023.
UDC activities cover a multitude of vital investment sectors including real-estate development, property management, infrastructure and utilities, district cooling, maritime and hospitality related businesses.