Qatar-based United Development Company (UDC), master developer of The Pearl-Qatar, has posted a net profit of QR353 million ($97 million) for the first half of 2016.

The net profit attributed to the equity holders of the Company stood at QR332 million.  Earnings per share reached QR 0.94 for the first half of 2016.

UDC chairman Turki Al Khater said: “Despite challenging market conditions, the company’s resilient business model has enabled us to deliver sustainable results for the first half of 2016. This is the outcome of prudent risk management and effective execution of the Company’s strategic plans aimed at focusing on our core business functions.”

“We remain determined to achieving recurring revenue and strive to continue providing stakeholders with attractive investment products and services that cater to identified market needs. At the same time, we will keep an eye out for strategic growth opportunities, and will remain equipped to respond effectively to external challenges,” added Al Khater.

Ibrahim Al Othman, UDC president & chief executive officer, said: “The results achieved in the first half of 2016 is higher than the budgeted results and reflect the soundness of our strategy. During the first six months of the year, we have focused on reaching out to strategic developers who have shown interest in investing in The Pearl Island.”

“Evidently, our outreach strategy turned successful with the sale of a tower plot in Viva Bahriya precinct, sale of various plots in Giardino Villas as well as the signing of a memorandum of understanding for the sale of one of Abraj Quartier’s commercial towers (tower building number 2),of which its execution will enhance the Company’s future profitability," noted the company chief.

“Meanwhile, we continued focusing on maintaining our recurring revenue, of which volume of residential units leased in the first half of the year 2016 increased by 4 per cent compared to the same period in the year 2015, as well as the volume of retail areas leased in the first half of the year 2016 which increased by 39 per cent compared to the same period last year. It is also worth mentioning that residential units’ sale volume in the first half of the year 2016 increased by 112 per cent compared to the same period in the year 2015,” stated Al Othman.

“The construction of Al Mutahidah residential towers and Giardino Villas’ compound will commence during the last quarter of this year," he said.

"Further, the vibrant Abraj Quartier commercial tower (tower building 1) and indoor shopping arcade Souq Al Medina in Medina Centrale will soon be ready to welcome retailers and customers, which will add value to The Pearl-Qatar’s retail and commercial business performance,” he added. – TradeArabia News Service