Qatar UDC net profit up 7.5pc
Doha, October 12, 2013
United Development Company (UDC), one of Qatar’s leading real estate groups, has registered a net profit of QR577.9 million ($159 million) for the third quarter, up 7.5 per cent when compared to QR537.6 million last year.
Announcing the results, UDC said its gross profit for the third quarter rose to QR747 million from QR 631 million last year, reflecting continued solid growth, while its earnings per share surged 21 per cent to QR1.5 compared to QR1.24 last year.
Showing growth across its various portfolios, the Qatari developer said its net profit attributable to owners of the company stood at QR505.8 million, compared to QR417.4 million.
UDC chairman Turki Muhammad Al-Khatir attributed the company’s continued success to Qatar’s solid economic position and the expanding opportunities made possible by the stability and growth seen in the country.
During its 14 years of activity, UDC has played a key role in the development of Qatar and the region through the creation of successful partnerships, companies and real estate developments, including the country’s only man-made island, The Pearl-Qatar.
Owned and developed by UDC, the Island is located 350 m offshore of Doha’s West Bay District and is one of the largest mixed-used urban developments in the Gulf.
CEO Ebrahim Al-Sulaiti said that the company’s focus in 2013 has been on improving all aspects of operations, including attracting more investors to The Pearl-Qatar, implementing more effective quality control and adding to an already diversified customer base.
“These initiatives, coupled with the rising number of residents moving into The Pearl-Qatar in 2013, have strengthened our financial performance this year, thus helping us post a healthy bottom line,” he stated.
“We are on the right track to diversify our revenue stream further in the remaining months of this year by launching new precincts in The Pearl-Qatar, opening new hospitality and retail outlets, improving our margins and, ultimately, increasing profitability,” he added.-TradeArabia News Service