United Development Company (UDC) reported a net profit of QR93mn on revenues of QR563mn in Q1 2023. Net profit attributable to equity shareholders stood at QR88mn with basic earnings per share of QR0.025.
UDC chairman Turki bin Mohamed al-Khater said UDC accomplished favourable financial outcomes and made progress in expanding its range of residential and commercial properties at The Pearl Island during the first quarter of 2023. Additionally, UDC secured its future success by accelerating the development of strategic projects at Gewan Island.
“We are ambitious about the prospects and opportunities generated by our projects in Gewan Island, especially Crystal Residence and Crystal Walkway, and hence, we will continue our tireless efforts to deliver across all our projects and provide unparalleled residential developments as well as unique shopping and dining experiences to all our prospective residents, investors, tourists, and visitors.
“For the remainder of this year, we will strive to further enhance the potential of our varied residential, commercial, and public utility projects on The Pearl Island, mainly United School International and The Pearl International Hospital which is scheduled to open by the end of the year,” al-Khater said.
UDC president and CEO and member of the board Ibrahim Jassim al-Othman said profits achieved in the first quarter of 2023 underscore investors’ continued confidence in UDC, "where we maintained a good level of residential and retail occupancy.”
Al-Othman said: “UDC is continuously striving to generate stable revenue streams through its sales and leasing operations. Meanwhile, we are dedicatedly working on finishing ongoing projects in the Pearl and Gewan islands, which will establish a strong foundation for UDC to pursue expansion opportunities in the future. This reflects our focus on sustainable business growth and long-term value creation for our investors and shareholders.
“The Pearl Island continues to experience a rise in residential occupancy with steady leasing figures and the sale of fully finished residential units. Meanwhile, Crystal Residence on Gewan Island remains in progress, setting the stage for the launch of the second phase of sales soon.”
UDC has also welcomed 13 new retail stores at The Pearl Island with an anticipated 40 new openings by year-end and leased a total of 3,600sq m retail spaces on both the Pearl and Gewan islands. The leasing rate for retail on Gewan Island has reached an impressive 43%, indicating that investors have confidence in the high returns promised by this highly anticipated new lifestyle destination.
In parallel, UDC is actively involved in the development of Gewan Island with completed projects, including Gewan Bridge, golf course, and marine works. The island's internal roads have also been paved with asphalt and a chilled water network has been fully installed across the island. The Banana Park has equally been landscaped and civil works have been completed for all 15 Crystal Residence buildings and 18 standalone villas. Furthermore, UDC has finalised structural works for Solymar Beach Club as part of the Corinthia Hotel package, with other project development components progressing as planned.
Al-Othman emphasised UDC’s unwavering commitment to sustainability, which he views as a way of life that is crucial for both UDC’s continued success and the community's well-being. He cited several sustainability accomplishments from the first quarter of 2023, including Ittisal's Stevie Award for exceptional customer service at The Pearl Island, UDC's Tree Planting Initiative, and The Pearl Island's remarkable 38.92% recycling rate.
These achievements, according to al-Othman, demonstrate UDC's dedication to adhering to global standards and best practices, which will enable the Company to thrive in the long run and create a more sustainable future for all stakeholders.
UDC president & CEO and member of the board Ibrahim Jassim al-Othman.
UDC Chairman Turki bin Mohamed al-Khater.
