UDC reports QR608m net profit for 2017
08 Feb 2018 - 0:00
DOHA: United Development Company (UDC), a leading Qatari shareholding company, reported a net profit of QR608m on revenues of QR2bn for the year 2017. The net profit attributable to owners of the company stood at QR538mn and the basic earnings per share at QR1.52.
Commenting on the financial results UDC Chairman Turki bin Mohammed Al Khater said: “Despite the economic uncertainties that prevailed during the year, 2017 results were still positive and demonstrates 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 isdrawn 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”, added Al Khater.
Al Khater also highlighted that UDC’s business strategy remains focused on creating opportunities and partnerships, achieving growth, minimizing 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.
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”.
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. The 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, he said.
He noted that The Pearl Tower 1 was now complete and ready for occupancy and that this world class office tower was in the process of being leased with 13,132 sqm, equivalent to 24 percent of total leasable area, currently under contract for 2018. “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”, the President & CEO said.
Key developments on the island that are 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.
Continuously improving the “customer experience” of residents, retailers and visitors at The Pearl-Qatar has always been a high priority for UDC.
In 2017, several notable enhancements were realized, including opening of Khadamati, a one-stop service center in Medina Centrale, to assist residents, retailers and visitors with a variety of government and non-government services; and opening two new tunnels at The Pearl Interchange on the Lusail Expressway by the Public Works Authority (Ashghal).
The Board of Directors has decided to hold the ordinary annual general assembly meeting of the company March 21, 2018 at 4.30pm at The Pearl-Qatar’s Marsa Malaz Kempinski Hotel.