Net profit of QR 93 million on revenues of QR 563 million

• Al-Khater: “UDC secured its future success by accelerating the development of strategic projects at Gewan Island”
• Al-Othman: “The profits achieved in the first quarter of 2023 underscore investors’ continued confidence in UDC”

Doha-Qatar, 19 April 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 quarter of 2023, reporting net profit of QR 93 million on revenues of QR 563 million. The net profit attributable to the equity shareholders stood at QR 88 million with basic earnings per share of QR 0.025.

Commenting on the results, UDC Chairman, H.E. Mr. Turki bin Mohammed Al-Khater said: “During the first quarter of 2023, UDC accomplished favorable financial outcomes and made progress in expanding its range of residential and commercial properties at The Pearl Island. Additionally, UDC secured its future success by accelerating the development of strategic projects at Gewan Island.”

H.E. Mr. Al-Khater continued by saying: “We are ambitious about the prospects and opportunities generated by our projects in Gewan Island, especially Crystal Residence and Crystal Walkway 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: “For the remainder of this year, we will strive to further enhance the potential of our varied residential, commercial, and public utility projects on The Pearl Island, mainly United School International and The Pearl International Hospital which is scheduled to open by the 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 2023 underscore investors’ continued confidence in UDC, where we maintained a good level of residential and retail occupancy.”

Mr. Al-Othman added: UDC is continuously striving to generate stable revenue streams through its sales and leasing operations. Meanwhile, we are dedicatedly working on finishing ongoing projects in The Pearl and Gewan Islands, which will establish a strong foundation for UDC to pursue expansion opportunities in the future. This reflects our focus on sustainable business growth and long-term value creation for our investors and shareholders.”

Mr. Al-Othman further reported that: “The Pearl Island continues to experience a rise in residential occupancy, with steady leasing figures and the sale of fully finished residential units. Meanwhile, Crystal Residence on Gewan Island remains in progress, setting the stage for the launch of the second phase of sales soon.”

UDC has also welcomed 13 new retail stores at The Pearl Island with an anticipated 40 new openings by year-end and leased a total of 3,600 sqm retail spaces on both The Pearl and Gewan Islands. The leasing rate for retail on Gewan Island has reached an impressive 43%, indicating that investors have confidence in the high returns promised by this highly anticipated new lifestyle destination.

In parallel, UDC is actively involved in the development of Gewan Island, with completed projects including Gewan Bridge, Golf Course, and marine works. The Island's internal roads have also been paved with asphalt, and a chilled water network has been fully installed across the Island. The Banana Park has equally been landscaped, and civil works have been completed for all 15 Crystal Residence buildings and 18 standalone villas. Furthermore, UDC has finalized structural works for Solymar Beach Club as part of the Corinthia Hotel package, with other project development components progressing as planned.

Mr. Al-Othman concluded his statement by emphasizing UDC's unwavering commitment to sustainability, which he views as a way of life that is crucial for both UDC’s continued success and the community's well-being. He cited several sustainability accomplishments from the first quarter of 2023, including Ittisal's Stevie Award for exceptional customer service at The Pearl Island, UDC's Tree Planting Initiative, and The Pearl Island's remarkable 38.92% recycling rate. These achievements, according to Mr. Al-Othman, demonstrate UDC's dedication to adhering to global standards and best practices, which will enable the Company to thrive in the long-run and create a more sustainable future for all stakeholders.

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 20.4 billion as of 31 March 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.