19/07/2017 06:21 AST
United Development Company (UDC), a leading Qatari shareholding company and master developer of The Pearl-Qatar, has reported a net profit of QR318mn in the first half of this year.
"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," UDC chairman Turki Mohamed bin al-Khater said.
The net profit attributable to owners stood at QR284mn and basic earnings-per-share stood at QR0.80 at the end of June 30, 2017.
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 said, adding "these developments reflect our success in pursuing growth and our commitment to maintaining profitability and achieving annual growth targets".
The newly inaugurated shops bring the total number of outlets across the island to 338, which have bolstered retail activity as witnessed by the number of vehicles entering The Pearl-Qatar. This statistic is tracked through monitoring devices installed at the entrance of the island that are currently recording a weekly average of approximately 200,000 vehicles.
The company is all set to attract new retail outlets and restaurants across the three retail locations on the island and enhance its residential sales and rental activities.
"Our first half results reflect a 32% increase in revenues during the first half of 2017 compared to the same period of last year, which is evidence of our ability to stay viable despite the current global economic situation," UDC president and chief executive Ibrahim al-Othman said.
The past six months have been marked by positive developments with the foundation being laid for several development projects that are expected to enhance the occupancy rate of residential units and retail outlets in The Pearl-Qatar, he said.
UDC started the construction of 'Al Mutahidah' Towers, which would 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, it also sold eight land plots in Giardino Village, one of the 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.
"We will continue to exploit The Pearl-Qatar's position as Qatar's real estate development of choice and use our resources and experience to create a sustainable commercial and social environment that contributes positively to the project's investment returns. In line with that strategy, 10 prototype villas, currently under construction at the Giardino Village, will be offered for sale during the third quarter of 2017," al-Othman said.
Gulf Times
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