United Development Company (UDC), a leading Qatar-based developer, said it has achieved a 32 per cent growth in its revenues for the first half of 2017 compared to the same period last year despite economic challenges.

The master developer of man-made island The Pearl-Qatar, UDC pointed out that its net profit soared to QR318 million ($87 million) in the first half of the year while the net profit attributable to owners stood at QR284 million ($76 million).

The basic earnings per share stood at QR0.80 (21 cents), it added.

Commenting on the results, chairman Turki bin Mohammed Al Khater, said: "In the face of challenging conditions, UDC continued its good performance for the year, thereby strengthening its position as one of the region's leading real estate developers."

The first half, he stated, was unique on multiple levels. "The company accelerated its sales of land and urban development while continuing to develop its residential projects and retail outlet presence at the Pearl-Qatar, which increased revenues and bolstered its position as an investment, tourism and leisure hub," he noted.

"These developments reflect our success in pursuing growth and our commitment to maintaining profitability and achieving annual growth targets," he added.

Al Khater said the UDC was committed to implementing its strategy with real estate development at its core.

"We will also continue to promote the treasures that The Pearl-Qatar has to offer and foster growth through a mix of development projects across diverse areas that aim to deliver rewarding financial returns while taking moderate and relatively acceptable risks," he added.

President and chief executive Ibrahim Al Othman said: "The first half results are in line with our strategy to generate sustainable value for our shareholders and investors while utilising UDC's leading position in the local market to attract more visitors to The Pearl-Qatar, thereby strengthening our position as a leading investment, shopping, leisure and residential hub."

"Our first half results reflect a 32 per cent increase in revenues compared to the same period last year, which is evidence of our ability to stay viable despite the current global economic situation,” Al Othman added.

According to him, the past six months have been marked by many positive developments with the foundation for a number of development projects being laid that are expected to enhance the occupancy rate of residential units and retail outlets in The Pearl-Qatar.

UDC kicked off the construction of Al Mutahidah Towers, which will consist of two connected residential towers, comprising diverse residential units, all overlooking a beautiful waterfront with direct access to the beach.

"During the first half of the year, we also sold eight land plots in Giardino Village, one of the most luxurious and promising residential areas on the Island, lying in close proximity to shops and entertainment venues adjacent to Porto Arabia, Medina Centrale, Qanat Quartier and Viva Bahriya," he added.-TradeArabia News Service