UDC revenues increase 68% in first quarter
18 Apr 2017 - 2:06
United Development Company (UDC) yesterday announced net profit of QR244m, while the net profit attributable to equity shareholders stood at QR231m for the first quarter of 2017.
The basic earnings per share stood at QR 0.65, said the company, which is a leading Qatari shareholding company and master developer of The Pearl-Qatar, yesterday in a statement.
The first quarter marked a special start of the year for the Company as it smoothly transitioned from 2016 and accelerated the development of various residential and commercial areas by allocating the necessary resources for promising leading projects in real estate and infrastructure development, hospitality, property management and others. The first quarter of 2017 also saw an increase in revenues of 68 percent compared to the same period of last year. This reiterates the Company’s capacity to provide source of income with good returns despite the current instability in the real-estate market.
While UDC is well concentrated on long-term opportunities, it diligently continues to focus on its core activities, trusted to yield stable financial results. During the first quarter, the Company witnessed a steady increase in the retail leasing percentage in The Pearl-Qatar. The volume of leased retail properties during Q1 2017 increased by 22 percent compared to the first quarter last year, in addition to the sales volume of residential units of 25 percent on a year-by-year basis.
This progressive trend is expected to continue as the island prepares to welcome a wider selection of retail shops on The Pearl-Qatar demonstrating UDC’s ability to increase revenues and maintain operational stability.
Moreover, the Company’s effective policy of managing general and administrative costs has resulted in a healthy expense to income ratio of 11 percent.
UDC’s achievements in the first quarter of 2017, include a great deal as the Company sold the first phase of residential units at Al Mutahidah Towers in Viva Bahriya in a record time of five days,. The Company also announced availability of The Pearl Tower 1 for leasing, which provides state-of-the-art office space and the latest commercial project on The Pearl-Qatar.
On the retail front, The Pearl-Qatar inaugurated 20 new shops in Porto Arabia, Medina Centrale and Qanat Quartier. The shops feature a variety of brands targeting a wide segment of the Island's population and visitors and represent a great addition to The Pearl-Qatar's list of attractions for visitors, tourists and residents alike.
In the first quarter of the year, UDC successfully launched a free public Wi-Fi solution on The Pearl-Qatar, in partnership with Ooredoo. The quarter also saw the opening of a Government Services Complex in Medina Centrale on The Pearl-Qatar, where ten governmental agencies and the Traffic Directorate offer their services to both citizens and residents.