United Development Company (UDC) reported a net profit of QR390mn and revenues of QR1.8bn in 2022. Net profit attributable to equity shareholders stood at QR388mn and basic earnings per share amounted to QR0.110 with proposed dividends of 5.5%.
UDC chairman Turki bin Mohamed al-Khater said, “The past year was full of achievements that speak for themselves as we managed to distinguish ourselves in every field and reach the world through our sustainable real estate and investment projects, as well as our firm commitment to fulfilling our promises, especially in accelerating the delivery of projects before the start of the World Cup. We have been waiting for this event for many years and planned it carefully and devotedly to achieve the maximum benefit in terms of strengthening the position of The Pearl Island as an international leisure and tourism destination.
“Our policies and strategies were therefore aligned with the vision of our wise leadership in supporting the growth of the tourism sector, aiming to build a diversified and vibrant national economy. Thus, the proposed dividends for 2022 are in line with the value of the real estate projects that the company is continuing to develop and cash out flow that will be spent on these projects during 2023, in accordance with the UDC’s five-year business plan.”
Al-Khater added: “Delivering new residential projects in 2022 reflected our proper World Cup investment, where we achieved growth in property sales and rentals. Now, we are looking forward to 2023 to build on our accomplishments, mostly in Gewan Island, where we started observing a significant increase in real estate activity through sales and rental demands in the residential and retail sectors.
“As the year goes on, we expect to attract more discerning clients looking to invest in a promising community while continuing to draw on the potential and to develop our projects at The Pearl Island which has proudly reached an international level with excellence.”
UDC president and CEO and member of the board Ibrahim Jassim al-Othman described 2022 as “a momentous year for UDC” evidenced by the achievement of various strategic projects and noteworthy successes.
He said, “Despite the multiple challenges, our proactive planning and readiness, as well as our steady operational performance, have enabled us to deliver our planned development projects ahead of the World Cup, as well as achieve full visitor capacity. Looking at residential projects on The Pearl Island, we have successfully delivered the remaining Giardino Gardens villas, as well as the three Floresta Garden villa compounds.
“This was accomplished in parallel to the launch of a series of recreational facilities and attractions, including Duck Lake, Beach Centrale, The Pearl Fountain, and The Pearl Photo Walk, in addition to Corinthia Yacht Club and Kai’s Songbird Restaurant from Mayfair on its ground level. We also signed a strategic co-operation agreement with Monaco Marina Management (M3) and the Yacht Club de Monaco and witnessed the official opening of United School International, which provides high-standard education and facilities.”
Al-Othman said the achievements further encompassed Gewan Island, which witnessed the opening of Gewan Bridge, in addition to the inauguration of Corinthia Golf Club as a qualitative addition to Qatar’s hospitality and recreational sectors. He also revealed that works have progressed in Crystal Residence buildings, as well as Corinthia Hotel and Beach Club and the air-conditioned outdoor Crystal Walkway.
Sustainability was a major focus for UDC in 2022 as the company’s efforts and initiatives were rewarded with several accolades and certifications, including ISO 14001 certification for environmental management from the British Standards Institution (BSI), which comes in the context of a long-term environmental policy, encompassing waste recycling, energy, and water preservation, as well as waste reduction. UDC Tower further received the reputable Global Sustainability Assessment System’s (GSAS) Operations Certificate in GOLD rating.
These achievements were accompanied by the completion of a series of beautification projects through the increase of green spaces and parks, in addition to new decorative structures and fountains, as well as the introduction of enhanced free transportation services, pedestrian crossings, greater safety and security measures, and digital advertising screens.
As a result of these projects, The Pearl Island achieved a record-breaking number of visitors in 2022 and a 90% score in its customer satisfaction survey. The occupancy rate on the Island reached an unprecedented 92% accompanied by the opening of 69 new retail brands.
Gewan Island equally experienced a significant demand with multiple residential units sold and various retail spaces leased.
Based on the progress made last year, 2023 will therefore see these achievements amplified in terms of heightened real estate development and enhanced services with the planned inauguration of The Pearl International Hospital and the completion of Crystal Residence units on Gewan Island.
UDC will further draw benefits from the full occupancy and high exposure levels achieved during the World Cup, not to forget the residency incentives extended to property investors by means of the latest foreign ownership law.
Al-Othman further said: “Delivering Gewan Island’s planned projects by end of the year translates our vision and commitment to our business plan for the benefit of investors and shareholders.”