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United Development Company Announces Q3 2022 Financial Results
October 19, 2022 / Financial News
Net profit of QR 217 million on revenues of QR 1.24 billion
Al-Khater: “UDC focused on delivering new residential and commercial projects to meet the growing demand for properties and accommodate the expected increase in visitors during the World Cup Tournament”
Al-Othman: “We aim to enhance recreational experiences further in our developments to capitalize on the increased visitor footfa216ll”
Doha-Qatar, 19 October 2022: United Development Company (UDC), the master developer of The Pearl and Gewan Islands, announced its financial results for the third quarter of 2022, reporting net profit of QR 217 million on revenues of QR 1.24 billion. The net profit attributable to the equity shareholders stood at QR 209 million and basic earnings per share was QR 0.059.
H.E Mr. Turki bin Mohammed Al-Khater, UDC Chairman said: “In the first nine months of 2022, UDC focused on delivering new residential and commercial projects on The Pearl Island to meet the growing demand for property sales and rentals on the one hand, and to accommodate the expected increase in visitors in the coming period, in addition to continuing to develop Gewan Island with the aim of inaugurating some landmarks in time for the World Cup."
H.E Mr. Al-Khater further stated: “An investment was also made into attracting local and foreign investors which has contributed to a stable financial performance and a sustainable revenue stream for the future”.
“Looking ahead to the remainder of the year, UDC is well-positioned to lead as a developer of choice, maintaining good value to shareholders and investors while delivering outstanding residential destinations and comprehensive lifestyle experiences to both residents and visitors”, H.E Mr. Al-Khater concluded.
For his part, Mr. Ibrahim Jassim Al-Othman, UDC President and Chief Executive Officer and Member of The Board said: “The third quarter results are in line with UDC’s strategy to focus on delivering projects that are currently under development and as per the target completion schedules. UDC is also maintaining demand as its unique properties continue to attract local customers and draw greater interest from international investors looking to invest in Qatar amid the positive economic prospects in the medium and long term, and the incentives provided by the freehold ownership law for residents and foreigners.”
In the first nine months of 2022, UDC achieved total sales and leases of 430 properties. 24 new retail brands have also launched their operations at The Pearl Island, proving the Island’s leading position as a destination of choice for retail businesses, whereby UDC achieved a 48% increase in leased retail spaces at The Pearl and Gewan Islands compared to the same period last year.
On the development side, UDC released two new compounds in Floresta Gardens bringing the total number of compound villas for rent on the Island to 195. In the same neighborhood, United School International has opened its doors for its first academic year and Giardino Mall as well as Floresta Galleria are preparing to open next November for an enhanced sense of community.
In Gewan Island, UDC achieved major development strides with the full completion of raft foundations for Corinthia Hotel and Beach Club, in addition to the Golf Club’s shaping and two lakes. As for Crystal Residence buildings, works are underway as planned.
UDC is equally set to inaugurate Corinthia Yacht Club at The Pearl Island as well as Gewan Bridge and Gewan Golf Club in Gewan Island, which will enhance the islands’ recreational and leisure offerings, in addition to the new attractions that were recently installed namely The Pearl Fountain, two landmark clocks on The Pearl Island’s main and Isola roundabouts, the Duck Lake and Beach Centrale for the public and visitors during the World Cup.
In Q3, UDC obtained five ISO certifications for meeting a number of quality management, efficiency, safety and sustainability principles, covering not only UDC services at The Pearl Island, but also those of its subsidiaries, Ronautica and Hospitality Development Company (HDC) which respectively operate one of The Middle East’s largest marinas in Porto Arabia and various F&B and hospitality concepts across The Pearl Island.
To further achieve operational excellence, of which environmental sustainability is an inherent component, UDC Headquarters at UDC Tower have received the Global Sustainability Assessment System (GSAS) Operations Certificate in GOLD rating making it the first building in The Pearl Island, to receive this top regional sustainability ranking.
Commenting on the Company's development activities for the remainder of 2022, Mr. Al-Othman said: “UDC continues to pursue development activities at Gewan Island and various strategic projects and attractions at The Pearl Island, including an artificial sandy beach “Beach Centrale”, a duck lake with paddle boats, The Pearl Photo Walk as well as Corinthia Yacht Club. We aim to enhance recreational and entertainment experiences further in our developments, to capitalize on the increased visitor footfall and growing interest from international investors looking to invest in full-rounded destinations.”
UDC is a leading Qatari public shareholding company with a strategy designed around identifying and investing in long-term projects contributing to Qatar’s growth and providing 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 20.4 billion as at 30 September 2022.
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.
Al-Khater: “UDC focused on delivering new residential and commercial projects to meet the growing demand for properties and accommodate the expected increase in visitors during the World Cup Tournament”
Al-Othman: “We aim to enhance recreational experiences further in our developments to capitalize on the increased visitor footfa216ll”
Doha-Qatar, 19 October 2022: United Development Company (UDC), the master developer of The Pearl and Gewan Islands, announced its financial results for the third quarter of 2022, reporting net profit of QR 217 million on revenues of QR 1.24 billion. The net profit attributable to the equity shareholders stood at QR 209 million and basic earnings per share was QR 0.059.
H.E Mr. Turki bin Mohammed Al-Khater, UDC Chairman said: “In the first nine months of 2022, UDC focused on delivering new residential and commercial projects on The Pearl Island to meet the growing demand for property sales and rentals on the one hand, and to accommodate the expected increase in visitors in the coming period, in addition to continuing to develop Gewan Island with the aim of inaugurating some landmarks in time for the World Cup."
H.E Mr. Al-Khater further stated: “An investment was also made into attracting local and foreign investors which has contributed to a stable financial performance and a sustainable revenue stream for the future”.
“Looking ahead to the remainder of the year, UDC is well-positioned to lead as a developer of choice, maintaining good value to shareholders and investors while delivering outstanding residential destinations and comprehensive lifestyle experiences to both residents and visitors”, H.E Mr. Al-Khater concluded.
For his part, Mr. Ibrahim Jassim Al-Othman, UDC President and Chief Executive Officer and Member of The Board said: “The third quarter results are in line with UDC’s strategy to focus on delivering projects that are currently under development and as per the target completion schedules. UDC is also maintaining demand as its unique properties continue to attract local customers and draw greater interest from international investors looking to invest in Qatar amid the positive economic prospects in the medium and long term, and the incentives provided by the freehold ownership law for residents and foreigners.”
In the first nine months of 2022, UDC achieved total sales and leases of 430 properties. 24 new retail brands have also launched their operations at The Pearl Island, proving the Island’s leading position as a destination of choice for retail businesses, whereby UDC achieved a 48% increase in leased retail spaces at The Pearl and Gewan Islands compared to the same period last year.
On the development side, UDC released two new compounds in Floresta Gardens bringing the total number of compound villas for rent on the Island to 195. In the same neighborhood, United School International has opened its doors for its first academic year and Giardino Mall as well as Floresta Galleria are preparing to open next November for an enhanced sense of community.
In Gewan Island, UDC achieved major development strides with the full completion of raft foundations for Corinthia Hotel and Beach Club, in addition to the Golf Club’s shaping and two lakes. As for Crystal Residence buildings, works are underway as planned.
UDC is equally set to inaugurate Corinthia Yacht Club at The Pearl Island as well as Gewan Bridge and Gewan Golf Club in Gewan Island, which will enhance the islands’ recreational and leisure offerings, in addition to the new attractions that were recently installed namely The Pearl Fountain, two landmark clocks on The Pearl Island’s main and Isola roundabouts, the Duck Lake and Beach Centrale for the public and visitors during the World Cup.
In Q3, UDC obtained five ISO certifications for meeting a number of quality management, efficiency, safety and sustainability principles, covering not only UDC services at The Pearl Island, but also those of its subsidiaries, Ronautica and Hospitality Development Company (HDC) which respectively operate one of The Middle East’s largest marinas in Porto Arabia and various F&B and hospitality concepts across The Pearl Island.
To further achieve operational excellence, of which environmental sustainability is an inherent component, UDC Headquarters at UDC Tower have received the Global Sustainability Assessment System (GSAS) Operations Certificate in GOLD rating making it the first building in The Pearl Island, to receive this top regional sustainability ranking.
Commenting on the Company's development activities for the remainder of 2022, Mr. Al-Othman said: “UDC continues to pursue development activities at Gewan Island and various strategic projects and attractions at The Pearl Island, including an artificial sandy beach “Beach Centrale”, a duck lake with paddle boats, The Pearl Photo Walk as well as Corinthia Yacht Club. We aim to enhance recreational and entertainment experiences further in our developments, to capitalize on the increased visitor footfall and growing interest from international investors looking to invest in full-rounded destinations.”
UDC is a leading Qatari public shareholding company with a strategy designed around identifying and investing in long-term projects contributing to Qatar’s growth and providing 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 20.4 billion as at 30 September 2022.
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.