Net profit of QR 101 million on revenues of QR 563 million

United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl-Qatar and Gewan Island announced its financial results for the first half of 2020, reporting net profit of QR 101 million over revenues of QR 563 million. The net profit attributable to the equity shareholders was QR 87 million and basic earnings per share was QR 0.025.

In spite of the current difficult circumstances, UDC was able to maintain residential and commercial occupancy rates on The Pearl-Qatar while carrying out construction works safely at The Pearl-Qatar and Gewan Island and achieving development milestones according to the Company’s Business Plan. UDC’s strategy was therefore proven effective in weathering the economic repercussions of the pandemic and will ensure UDC’s sustainable growth and the creation of new opportunities and revenue sources over the long term. In this context, UDC continued executing the construction activities in Gewan Island, following the awarding of contracts worth QR 1.5 billion for the Island’s mixed-use buildings, landscape and infrastructure works.

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 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 18.4 billion as at 30 June 2020.

UDC activities cover a multitude of vital investment sectors including real estate development, property management, infrastructure and utilities, maritime and hospitality related businesses.