United Development Company, the master developer of The Pearl Qatar, a man-made island in Doha, has registered a net profit of QR271 million ($74.2 million) in the first quarter over the same period last year.

Announcing its quarterly financial results, UDC said the revenue for the first quarter increased by 15 per cent than prior period, and the gross profit witnessed a growth by 13 per cent.

The net profit attributable to owners of the company stood at QR259 million ($71 million), it stated.

Commenting on the performance, chairman Turki Mohamed Al Khater, said: "Sustainable performance was maintained over the past three months. The company is ambitious for growth in different segments, and most notably The Pearl-Qatar where our continued focus on project delivery of premium residential and commercial units enables the company to be well positioned to be in the real estate development sector."

Al Khater said: "With the country’s economy on its route to recovery in 2016 and UDC’s proven ability to withstand different types of contingencies, The Pearl-Qatar continues to be a safe and lucrative investment for individual and institutional investors alike."

UDC president and CEO Ibrahim Jassim Al Othman pointed out that the first quarter results reflect steady performance.

"UDC focused on maintaining sustainable revenue from its core operations. The revenue increased by 15 per cent over previous year and the gross profit witnessed a 13 per cent growth," stated Al Othman.

"This reflects the company’s ability to achieve revenue and maintain stable operating performance," he added.

Al Othman said there had been a steady rise in the residential and retail occupancy rates in The Pearl-Qatar.

"And this progressive trend will continue as the island prepares to welcome a wider selection of retail shops in the vibrant district of Medina Centrale in addition to dining outlets in Qanat Quartier, later in 2016", he stated.

According to him, the work on the Abraj Quartier’s iconic towers at The Pearl’s entrance is progressing well and will be completed by end of the second quarter.

"Abraj Quartier realizes our strategic vision to make The Pearl-Qatar a fully functional city and thus has been designed to fulfill the market demand for more commercial office spaces in the wider West Bay area, the country’s primary business district," he added.-TradeArabia News Service