Pearl-Qatar developer posts 7.5% increase in Q3 net profit

United Development Company (UDC), one of Qatar’s leading public shareholding companies and master developer of The Pearl-Qatar, has announced its financial results for the third quarter of the year 2013, reflecting continued solid growth.
The company recorded a net profit of QR577.9 million, compared to net profit in the third quarter of 2012 of QR537.6 million, an increase of 7.5 percent.
Net profit attributable to owners of the Company stood at QR505.8 million, compared to net profit in the third quarter of 2012 of QR417.4 million.
Showing growth across its various portfolios, UDC posted a third quarter earnings per share of QR1.5, up 21 percent from the same period last year of QR1.24.
Third-quarter gross profit was reported at QR747 million, compared to QR631 million for the same period last year.
UDC Chairman Turki Muhammad Al-Khater attributed the company’s continued success to Qatar’s solid economic position and the expanding opportunities made possible by the stability and growth seen in the country.
CEO Ebrahim Al-Sulaiti said the company’s focus in 2013 has been on improving all aspects of operations, including attracting more investors to The Pearl-Qatar, implementing more effective quality control and adding to an already diversified customer base.
“These initiatives, coupled with the rising number of residents moving into The Pearl-Qatar in 2013, have strengthened our financial performance this year, thus helping us post a healthy bottom line,” Al-Sulaiti said.
“We are on the right track to diversify our revenue stream further in the remaining months of this year by launching new precincts in The Pearl-Qatar, opening new hospitality and retail outlets, improving our margins and, ultimately, increasing profitability.”
During its 14 years of activity, UDC has played a key role in the development of Qatar and the region through the creation of successful partnerships, companies and real estate developments, including The Pearl-Qatar.
Owned and developed by UDC, the Island is located 350 meters offshore of Doha’s West Bay District and is one of the largest mixed-used urban developments in the Gulf.