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United Development Company announces financial results for the first half of 2022

July 27, 2022 / News
Net profit of QR 173 million and revenues of QR 855 million

Al-Khater: “Financial results show positive improvement resulted from revenues of UDC’s latest projects at The Pearl Island and the effect of the World Cup’s housing dynamics”

Al-Othman: “UDC will continue to accelerate the pace of its projects to accommodate the expected significant increase in the number of visitors to the world's most prominent sporting event”

Doha, Qatar - July 27, 2022: 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 half of 2022, reporting net profit of QR 173 million and revenues of QR 855 million. The net profit attributable to the equity shareholders was QR 167.6 million and basic earnings per share were QR 0.047.

H.E. Mr. Turki bin Mohammed Al-Khater, UDC Chairman said: “In the first half of 2022, UDC achieved a sustainable performance by balancing development and commercial activities across The Pearl and Gewan Islands with a continued focus on operational efficiency and delivery excellence. This strategy, coupled with our rich portfolio of existing and new projects launched thus far in 2022, has enabled UDC to sustain a diversified revenue stream”.

H.E. Mr. Al-Khater further stated: “The financial results show positive improvement resulted from revenues of UDC’s latest residential projects at The Pearl Island, Giardino Gardens villas and two villa compounds in Floresta Gardens, as well as the positive effect of the World Cup’s housing dynamics which has led The Pearl Island to achieve its highest occupancy rate”.

“Looking ahead to the remainder of the year, UDC will continue working on the completion of the development and operational plans for the projects under implementation, including United School International, Corinthia Yacht Club, The Pearl International Hospital as well as Floresta Gardens Compound 1 at The Pearl Island and Crystal Residence apartments in Gewan Island, which are aligned with established plans and timetables and which reflect our commitment to preserving shareholders’ and investors’ values”, 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 first half 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. We are equally fully committed to sales and leasing activities which serve to enhance our recurring revenues”.

Mr. Al-Othman stated: “The Pearl Island maintains its position as a leading retail destination, as evidenced by the signing of new retail leases in the past six months, covering an area of 7,600 sqm including Floresta Galleria and Gewan Island. The Pearl Island has also welcomed 19 new stores since beginning of 2022, with 30 more brands expected to open by end of the year”.

Mr. Al-Othman further pointed that residential occupancy also thrived with 193 new rental contracts signed for UDC properties, while UDC sold 44 completed residential units across The Pearl Island, and 13 residential units under construction in Gewan Island. 

On the development side, UDC has completed major milestones in the construction of Corinthia Yacht Club in Porto Arabia, and successfully completed the Giardino Mall and United International School buildings, both of which have been handed over to their respective operators. The Pearl Island’s infrastructure update works are also progressing in full swing reaching 52% completion and aiming to enhance the Island’s safety, efficiency, and services.

In parallel, UDC has attained 58% progress on overall construction works across Gewan Island, where Corinthia Hotel’s enabling works were successfully completed and construction activities were commenced on the hotel, beach club and golf course. The development of Gewan Bridge has in turn reached 87% completion, and Crystal Residence’s construction 73%. Other project development components are also being executed as planned. 

Commenting on the Company’s expected performance for the second half of the year, Mr. Al-Othman said: “We will continue to exploit The Pearl Island’s position in the real-estate development sector as an ultimate choice and use our resources and experience to create a sustainable commercial and social environment that contributes positively to the project’s investment returns. In line with that strategy, and the increased demand for residential and commercial real estate on The Pearl Island, the closer we get to hosting the World Cup, UDC will continue to accelerate the pace of its projects to accommodate the expected significant increase in the number of visitors to the world's most prominent sporting event.”

In this regard, Mr. Al-Othman indicated that UDC has recently launched a number of fully furnished residences for short term rentals and has formed a specialized committee to plan and coordinate all procedures, activities and recreational events that will be implemented during the World Cup period to ensure traffic smoothness, security and safety, as well as improve the experience of residents, visitors and tourists during their stay at The Pearl Island.

Mr. Al-Othman concluded his statement saying: “We look forward to a promising future, as we continue to tailor our offerings to meet the expectations and demands of potential investors and tenants. We are also dedicated to providing unparalleled residential and commercial developments as well as added-value facilities and services that improve the lives of our residents, and reward shareholders and investors over the long term”.

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 at 30 June 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.


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