Qatar-based United Development Company (UDC) has registered a net profit of QR595 million ($74 million) for the third quarter, up six per cent over QR559 million ($553 million) last year.

The master developer of The Pearl-Qatar achieved progress in its group activities, while earnings per share for the third quarter stood at QR1.68, with an increase of six per cent compared to same period last year.

UDC said the jump in profit was attributable to the strong demand for its properties at The Pearl-Qatar besides the successful launch of Medina Centrale and its subsequent representation as the central hub for retail and entertainment at The Pearl-Qatar and cost optimization and performance improvement strategies initiated by management.

Commenting on the results, the chairman Turki Al Khater, remarked: "The solid results in the third quarter were mainly because of the ongoing growth of the company's business in The Pearl-Qatar this year, where UDC instigated a number of high quality residential units and commercial leasing initiatives in distinctive areas of the Island, particularly Medina Central and Porto Arabia."

"The potential progress in our activities will lead to affirmative growth for the remainder of this year and we are  looking forward to continuing this trend for our clients and shareholders," he added.

On its future plans, Al Khater said the company would soon start offering its residential plots at The Pearl-Qatar for sale.

Ibrahim Jassim Al Othman, the president and chief executive, said: "Our financial results for the third quarter of the year 2015 reflects a positive performance by the company, showing UDC’s ability to perform in a very competitive marketplace."

"We are confident our strategic plans will continue to enhance the variety of UDC’s business activities and to keep up the momentum for growth in the fourth quarter of the year, particularly as we stress on cost optimization and focus on our core business," he added.-TradeArabia News Service