Net profit of QR 76 million on revenues of QR 471 million


• Commitment to the development of Gewan Island projects
• Good levels of residential and retail occupancy, with ongoing projects progressing as planned


Doha-Qatar, 24 April 2024: 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 2024, reporting net profit of QR 76 million on revenues of QR 471 million. The net profit attributable to the equity shareholders stood at QR 72 million with basic earnings per share of QR 0.020.


UDC strives to achieve balance between revenue and expenses reducing the impact of increase in financing cost in the first quarter of the year 2024.


UDC remains steadfast in its commitment to executing projects on Gewan Island with optimism about the available prospects and opportunities, especially in promising projects like Crystal Residence and Crystal Walkway. Concurrently, several key projects are being implemented on The Pearl Island, including The Pearl International Hospital.


UDC is dedicated to delivering exceptional residential experiences and shopping opportunities, focusing on providing unique benefits for residents, investors, tourists, and visitors. This is aimed at ensuring profitable returns on investment and a seamless property investment process.


The Company has succeeded in maintaining good levels of residential and retail occupancy, with ongoing projects progressing as planned. Additionally, efforts are underway to enhance stable revenues through sales and leasing operations, with a focus on maintaining high residential occupancy rates in residential units and villa compounds on The Pearl Island.


Notably, there has been a significant growth in leasing commercial spaces on The Pearl and Gewan Islands, confirming the attractiveness of UDC's properties for commercial investment and business activities. This aligns with the company's strategies to support retail businesses and attract visitors to The Pearl Island.


In parallel, UDC continued to showcase its property portfolio to international investors, leveraging platforms like MIPIM and the International Immigration & Property Expo 2024 in Hong Kong. These endeavors aimed to attract foreign investors by highlighting the high-quality standards, integrated services, facilities, and rewarding investment potential offered by UDC's developments. Additionally, UDC promoted attractive financing schemes tailored for international non-resident investors, facilitating seamless access to investment opportunities within its thriving property portfolio.


The Company also highlights its efforts in supporting sustainability and social responsibility through partnerships with reputable organizations such as the Autism Parents Platform, investments in sustainable transportation, and community sports events aimed at promoting healthy lifestyles and community bonding.


The first quarter of this year witnessed the successful hosting of several events, including the inaugural edition of The Pearl Food Festival, as well as the second editions of the Ramadan Bazaar and Eid Market, drawing large crowds and garnering widespread media exposure. These events not only contributed to the vibrant atmosphere of The Pearl Island but also highlighted its appeal as a destination for diverse cultural and commercial activities.


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 19.5 billion as of 31 March 2024. 


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.