Doha, October 19 (QNA) – United Development Company (UDC), the master developer of The Pearl and Gewan Islands, announced its financial results for the third quarter of 2022, reporting net profit of QR 217 million on revenues of QR 1.24 billion.
The net profit attributable to the equity shareholders stood at QR 209 million and basic earnings per share was QR 0.059.
UDC Chairman, Turki bin Mohammed Al Khater, said, “In the first nine months of 2022, UDC focused on delivering new residential and commercial projects on The Pearl Island to meet the growing demand for property sales and rentals on the one hand, and to accommodate the expected increase in visitors in the coming period, in addition to continuing to develop Gewan Island with the aim of inaugurating some landmarks in time for the World Cup.”
Al-Khater further stated: “An investment was also made into attracting local and foreign investors which has contributed to a stable financial performance and a sustainable revenue stream for the future”.
“Looking ahead to the remainder of the year, UDC is well-positioned to lead as a developer of choice, maintaining good value to shareholders and investors while delivering outstanding residential destinations and comprehensive lifestyle experiences to both residents and visitors”, Al Khater concluded.
For his part, UDC President and Chief Executive Officer and Member of The Board, Ibrahim Jassim Al Othman, said, “The third quarter results are in line with UDC’s strategy to focus on delivering projects that are currently under development and as per the target completion schedules.
UDC is also maintaining demand as its unique properties continue to attract local customers and draw greater interest from international investors looking to invest in Qatar amid the positive economic prospects in the medium and long term, and the incentives provided by the freehold ownership law for residents and foreigners.”
In the first nine months of 2022, UDC achieved a 48 percent increase in leased retail spaces at The Pearl and Gewan Islands compared to the same period last year.
To further achieve operational excellence, of which environmental sustainability is an inherent component, UDC Headquarters at UDC Tower have received the Global Sustainability Assessment System (GSAS) Operations Certificate in GOLD rating making it the first building in The Pearl Island, to receive this top regional sustainability ranking.
(QNA)