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United Development Company Announces Q1 2021 Financial Results
Net profit of QR 57 million on revenues of QR 351 million
Increase in revenues by 19%
• Al-Khater: “We are looking forward to the future as we continue working on our development projects which will pave the way for the launch of a variety of unique residential and commercial properties”
• Al-Othman: “Development projects have given UDC the flexibility it needs to navigate its business in these difficult times”
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 quarter of 2021, reporting net profit of QR 57 million on revenues of QR 351 million. The net profit attributable to the equity shareholders stood at QR 46 million with basic earnings per share of QR 0.013.
UDC Chairman, H.E. Mr. Turki bin Mohammed Al-Khater said: “UDC is moving steadily in 2021 to achieve good revenues and profits although of the challenging real-estate market”.
H.E. Mr. Al-Khater continued by saying: “We will endeavor to continue delivering across all our projects while remaining committed to our overall development plans which will ensure UDC’s sustainable growth and the creation of new opportunities and revenue sources over the long term. We hope the State of Qatar will overcome this pandemic and will regain safety and stability for life to take its normal course. In this context, we are looking forward to the future as we continue developing new projects at The Pearl-Qatar and Gewan Island which will pave the way for the launch of a variety of unique residential and commercial properties”.
For his part, UDC President, CEO & Member of The Board, Mr. Ibrahim Jassim Al-Othman said: “The profits achieved in the first quarter of 2021 are considered good in terms of their close resemblance to the profits of the first quarter of 2020, where the coronavirus pandemic had no significant negative impact on the real-estate market at the time. Further, revenues for the first quarter of 2021 witnessed an increase of 19% compared to first quarter of 2020, in addition to the reduction in expenses. This demonstrates the Company’s efficiency in managing and diversifying the source of revenues and reducing expenses even with the current difficult circumstances.”
Mr. Al-Othman further added: “It is the combination of innovative properties placed in a first-class community setting is what distinguishes UDC’s projects and gives the Company the flexibility it needs to navigate its business in these difficult times. This distinction is becoming more and more apparent with the start of units handover process at Al Mutahidah Towers, and the continuing works on Giardino Village and Floresta Gardens residential compounds as well as UDC’s latest and Doha’s most prestigious development, Gewan Island which started taking shape, in addition to upcoming commercial projects that include the new Corinthia Yacht Club in Porto Arabia, Corinthia Gewan Island Qatar Hotel, United International School and Giardino Mall, as well as completing construction works of The Pearl-Qatar Commercial Showrooms. We are ambitious about what these development projects will bring as they will allow UDC to realize its great potential”.
Mr. Al-Othman also pointed to the consistency in the completion of the ongoing projects, with the strict implementation of the highest safety measures with no lost time injury cases recorded, which gives the Company a firm basis to pursue development activities smoothly in 2021.
Mr. Al-Othman concluded his statement saying: “The financial results achieved by UDC during the first quarter of 2021 are acceptable in light of the tremendous challenges, but we are continuing with the course of action set by the Company to meet the expectations of our shareholders, who have placed their faith and trust in UDC”.
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 19.9 billion as at 31 March 2021.
UDC activities cover a multitude of vital investment sectors including real-estate development, property management, infrastructure and utilities, maritime and hospitality related businesses.