Doha: UDC Declares QAR 343m of Net Profit at Q3 of 2019

UDC at 2019 Cityscape

Doha, 25 Oct 2019

United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl-Qatar and Gewan Islands announced its financial results for the nine-month period ended 30 September 2019, reporting net profit of QR 343 million over revenues of QR 1.3 billion. The net profit attributable to the equity shareholders was QR 319 million and basic earnings per share was QR 0.090.

Turki bin Mohammed Al-Khater, UDC Chairman said, “UDC has delivered commendable financial results in a challenging real-estate market”. He said that there is a good progress on Gewan Island and other key development projects on The Pearl-Qatar”. Al-Khater added, ‘Applying a clear strategy along with outstanding community and customer service initiatives will attract new investments to The Pearl-Qatar and maintain steady revenues’.

Ibrahim Jassim Al-Othman, UDC President and Chief Executive Officer and Member of The Board said, ‘In line with our development plan, UDC awarded major contracts on key developments across The Pearl-Qatar and Gewan Island. There is a significant progress on Gewan Island, our latest flagship project, where UDC has awarded the marine works contract on the Island to the Joint Venture of UrbaCon Trading & Contracting Company and Promar Marine Contracting Company and signed a financing arrangement with QNB and The Commercial Bank for the development of the Island with a credit ceiling of QR 1.25 billion”.

Al-Othman said. ‘UDC awarded the construction contract of United School International to Al Darwish Engineering Company and the design and build contract of three gated compounds in Floresta Gardens to Ramaco Trading and Contracting Companyas well as the design and build contract to Al Seal Contracting and Trading Company of the Gated Compound in Giardino Village”.

He added, ‘Our business model continues to be resilient in the face of challenging real-estate market conditions, evidencing that the lively Island’s community has not been affected by these conditions, via the support of our outstanding community and customer service initiatives”.

Al-Othman said, ‘UDC has won in Singapore Best Employer Brand Award and the Best HR Strategy in Line with Business Award at the 10thedition of Asia’s Best Employer Brand Awards. It was hosted by World HRD Congress in collaboration with the Employer Branding Institute. These awards demonstrate UDC’s success not only as a leading real-estate development company but also as an organization that is committed to the growth of its employees through effective and sound management and HR practices.

Earlier in the year, UDC won the Best Mixed-Use Development Award for The Pearl-Qatar & Commercial High-Rise Development Award for UDC Tower at the 2019-2020 Arabian Property Awards”.

Mr. Al-Othman concluded: “We are proud that we showcased our high-class development projects across The Pearl-Qatar and Gewan Island at Cityscape Qatar 2019, the largest real estate event in the State of Qatar. We look forward to the future with renewed optimism fueled by sustained focus on developing an outstanding community resulting in significant appreciation in the shareholders’ values”.

UDC was established in 1999, listed on the Qatar Exchange in June 2003. It has a shared capital of QR 3.5 billion and total assets of QR 18.5 billion as at 30th September 2019.

UDC activities cover a multitude of vital investment sectors including real estate development, property management, infrastructure and utilities, maritime, and hospitality related businesses.


/ Economy

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About the Author

Editor and publisher Ashraf Siddiqui is a well known Qatar based journalist and a social worker. He has been in Arabian Gulf Peninsula over 4 decades and enjoys rich knowledge on Middle East affairs


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