United Development QPSC Announces First Quarter 2022 Financial Results
Net profit of QR 83 million on revenue of QR 386 million
• Al-Khater: “The UDC is ambitious about the future World Cup in Qatar and will continue to work tirelessly to provide unrivaled developments and unique experiences for investors and tourists”
• Al-Othman: “As a continuation of the execution of the company’s development plans, UDC has delivered the Giardino shopping center, the Giardino Gardens villas and 32 high-end villas in Floresta Gardens”
Doha-Qatar, April 21, 2022: United Development Company (UDC), one of Qatar’s leading public shareholding companies and the master developer of the Pearl and Gewan Islands, announced its financial results for the first quarter of 2022, announcing a net profit of QR 83 million on revenue of QR 386 million. Net profit attributable to shareholders was QR 80 million with basic earnings per share of QR 0.023.
Commenting on the results, UDC Chairman, HE Mr. Turki bin Mohammed Al-Khater said: “UDC managed to deliver satisfactory financial results for the first quarter of 2022, while continuing to develop a diversified portfolio of properties. residential and commercial properties at The Pearl. Island and sustain its business with strategic investments in Gewan Island.”
HE Mr. Al-Khater went on to say, “The UDC is ambitious about the prospects and opportunities generated by the World Cup scheduled for Qatar later this year, and therefore, we will continue our tireless efforts to realize all our plans and also providing unparalleled residential developments. as unique shopping and dining experiences for all our residents, investors, tourists and potential visitors. »
Finally, HE Mr. Al-Khater said: “This year is particularly special as it will see the launch of a number of important milestones in UDC’s portfolio of projects which will certainly improve its sources of financial income and further consolidate its leadership in the real estate sector. , hospitality, entertainment and retail in addition to the large public institutions with added value expected, mainly United School International, which is scheduled to open around the start of the 2022/2023 academic year, and The Pearl International Hospital by end of the year “.
For his part, UDC Chairman, CEO and Member of the Board of Directors, Mr. Ibrahim Jassim Al-Othman, said: “The earnings achieved in the first quarter of 2022 underscore the continued confidence of investors in UDC and the economic recovery. Qatar’s real estate sector is doing.” witness before the 2022 World Cup.”
Mr. Al-Othman further added, “We continue to work to generate sustainable income through our sales and rental activities, while constantly working to complete our ongoing projects, which will give UDC a solid foundation for new opportunities for long-term expansion.”
In the first quarter of 2022, UDC successfully delivered a number of vital residential and commercial projects, which will begin to generate new revenue streams this year, including Giardino Mall, Giardino Gardens Villas in addition to Compound B of the three Floresta Gardens residential complexes. of 32 high-end villas.
Mr. Al-Othman said The Pearl Island maintains its position as a premier residential, retail and leisure destination, as evidenced by the growing number of visitors to the island.
Mr. Al-Othman further pointed out that residential occupancy at The Pearl Island has flourished with 89 new leases signed for UDC properties, while UDC has sold 30 completed residential units across The Pearl Island, as well as land and 4 apartments at Gewan Island. The Pearl Island also welcomed 14 new retail stores and leased 3,500 m² of retail space at Pearl and Gewan Islands.
On the development side, UDC achieved major milestones in the construction of the Corinthia Yacht Club in Porto Arabia, including the concreting works of the piles, basement and central walls and successfully finalized the infrastructure networks of Floresta Gardens which provide connecting connections for UDC’s three villa complexes. and the ten mid-rise towers from other developers. Work to update Pearl Island’s infrastructure is also progressing and aims to improve safety, efficiency and services on the island.
At the same time, UDC is continuing the construction works on Gewan Island, where the maritime works and the structural works of the Gewan Bridge have been fully completed, as well as the implementation works of the Corinthia Gewan Island Hotel and the ancillary golf course and beach club, for which the main works started earlier. in March. Other project development components are also being implemented as planned.
Mr. Al-Othman concluded his statement by saying, “UDC’s sustained performance in the first quarter of 2022 represents a resilient business that is shaping Qatar’s cityscape to meet the changing demands of the community by capitalizing on the attractiveness of the islands. Pearl and Gewan as a leading and dynamic investment. destinations”.
UDC is a leading Qatari public shareholding company whose mission is to identify and invest in long-term projects that contribute to Qatar’s growth and provide good shareholder value. Established in 1999, the company was first listed on the Qatar Stock Exchange in June 2003. It has an authorized share capital of QR 3.5 billion and total assets of QR 20 billion as of 31 March 2022.
UDC’s activities cover a multitude of vital investment sectors, including real estate development, property management, infrastructure and utilities, maritime and hotel activities.