UDC posts net profit of QR608mn in 2017

08/02/2018 06:46 AST

United Development Company (UDC) has posted a net profit of QR608mn on revenues of QR2bn in 2017, the leading Qatari shareholding company said yesterday.

Net profit attributable to owners of the company was QR538mn and basic earnings per share stood at QR1.52. UDC chairman Turki bin Mohamed al-Khater said, "Despite the economic uncertainties that prevailed during the year, 2017 results were still positive and demonstrate that UDC has a viable business model with the flexibility necessary to access diversified revenue streams as needed to sustain satisfactory financial results even in turbulent times.

"The foundation for UDC's financial stability is drawn from the great variety of attractive properties currently available and the exciting new properties under development at The Pearl-Qatar that are set within a safe, secure and self-sufficient community."

Al-Khater also highlighted that UDC's business strategy remains focused on creating opportunities and partnerships, achieving growth, minimising risks and sustaining progress.

He said, "The Board has astutely directed the company to progress the new opportunities that are being generated on the island so that UDC can continue to profit from the mutually beneficial relationships that businesses at The Pearl-Qatar naturally attract."

"2017 has been a satisfactory year for UDC, even under less than stellar economic conditions, with the maturation and development of The Pearl-Qatar rounding into form in a most desirable fashion," al-Khater added.

UDC president and CEO Ibrahim al-Othman described 2017 as another productive year for UDC with "good financial results being achieved under challenging conditions, the pace of development of The Pearl-Qatar accelerating in a cost effective manner and the "customer experience" of residents, retailers and visitors at The Pearl-Qatar being further enhanced".

Al-Othman said, "Major sales of land were concluded in 2017 with developers for the construction of a Commercial Mall and Mixed Use Facility. These sales demonstrate that non-UDC developments on the island are commercially viable".

He also noted that "recurring revenue from the leasing of residential and retail units held steady year over year, reaffirming that The Pearl-Qatar was a popular place to live, dine and shop".

"The Pearl Tower 1 is now complete and ready for occupancy and that this world-class office tower is in the process of being leased with 13,132 sqm, equivalent to 24% of total leasable area, currently under contract for 2018," al-Othman said.

"The full development of The Pearl-Qatar is starting to take shape and the glimpses of brilliance are achievable. These are very exciting times for everyone involved and I am confident that with continued dedication and hard work, 2018 will be a remarkable year for UDC and another great step forward in our collective journey," he added.

Key developments on the island currently in progress include 'Al Mutahidah Towers', 'Giardino Village' and 'Floresta Gardens'. Each of these developments are being designed with the specific intention of further enhancing and diversifying the residential offerings on the island, attracting more investors, residents, visitors and retailers, and sustaining The Pearl-Qatar's viability for years' to come.

In addition, a special new island project is being launched in 2018. This island is an extension of The Pearl-Qatar and a continuation of UDC's commitment to deliver exceptional lifestyle experiences.

UDC's board of directors has decided to hold the ordinary annual general assembly meeting of the company on March 21 at 4.30pm at The Pearl-Qatar's Marsa Malaz Kempinski Hotel, Palazzo Ballroom.

In the absence of a quorum, the alternative meeting will be held on March 28 in the same place and time.

Gulf Times