United Development Company (UDC), a leading Qatari shareholding company and master developer of The Pearl-Qatar, posted a net profit of QR360 million ($98.8 million) for the first quarter of this year, a 57 per cent rise compared to to the same period last year.

The net profit attributable to owners of the company stood at QR352 million, with earnings per share reaching QR0.99 for the first quarter, compared to QR 0.59 in the same period of 2013, a healthy increase of 68 per cent.

Q1 gross profit was reported at QR307 million, compared to QR277 million for the same period last year.

“I am pleased with our revenue performance as we continue to invest in our capabilities and grow our ranks with the aim of enhancing our market position while we pursue our long-term strategic initiatives," Turki Al Khater , the chairman of the Board of UDC, said.

Al Khater, who had predicted during last month’s annual general assembly that UDC’s results in 2014 will improve drastically starting with the first quarter results, added that United Development Company is fortunate to be operating in a highly visionary and rapidly developing country, and that this backdrop presents multiple opportunities for continuing the company’s sound financial performance.

According to UDC's acting chief executive officer Badr Al-Meer, the results reflect the steady performance he anticipates for the company throughout 2014.

He highlighted several notable achievements for UDC this period, including improved real estate sales and leasing figures, the opening of new retail outlets and popular restaurant chains in The Pearl-Qatar as well as improved performances of subsidiaries wholly owned and managed by UDC.

“Given this encouraging trend, UDC will continue to deliver strong results across the group, posting profit levels that are in line with the board’s expectations and demonstrating the company’s ability to perform in a very competitive marketplace,” Al-Meer noted. - TradeArabia News Service