UDC reports net profit of QR401.7mn on revenues of QR2.1bn in 2023; suggests 5.5% dividend

United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl and Gewan Islands, has achieved net profit of QR401.7mn on revenues of QR2.1bn in 2023 and suggested 5.5% dividend for shareholders.
“In this transformative year, UDC has remained steadfast in its commitment to sustainable growth, focusing on robust revenue streams derived from residential sales, leasing activities, and retail leasing. Gewan Island stands as a beacon for future development, while The Pearl Island continues to evolve into a model for sustainable living,” said UDC chairman Ahmed bin Ali al-Hammadi.
The Gewan Island has witnessed rapid progress in its development projects, with the commercial spaces handed over to tenants for the commencement of interior fit-out works, he said.
In parallel, the operationalisation of Corinthia Golf Club in Gewan Island and Corinthia Yacht Club in Porto Arabia, at The Pearl Island, has opened new horizons for UDC in leisure and hospitality, he added.
"Looking forward to 2024, UDC renews its commitment to completing development projects on Gewan Island, attracting investors, buyers, and tenants, and actively contributing to the Qatari economy and tourism sector," he said, adding emphasis will continue on technological advancements and sustainability measures to enrich the stakeholder experience.
UDC also plans to reactivate the operations of some of its key subsidiaries, with the aim of diversifying revenue sources, aligning with the evolving needs of the company as it transitions towards managing communities and exploring new revenue streams, according to him.
UDC president and chief executive officer Ibrahim Jassim al-Othman said, it has successfully met the annual targets for residential sales and leasing specifically at the residential projects on The Pearl Island.
"The high tenant occupancy for both residential and retail spaces reflects the growing demand for our unique offerings and demonstrates our commitment to providing value and sustainable growth,” he said.
He said the achievements further encompassed Gewan Island which witnessed significant progress in the completion of development and infrastructure works as well as utility networks.
The handover of retail units to tenants for fit-out preparations also contributes to accelerating the pace of completing Crystal Residence and Crystal Walkway, setting the stage for the island's operation in 2024.
“In 2023, our overarching vision was to position The Pearl and Gewan Islands prominently on the global investment map. Through a series of targeted roadshows and meticulously planned marketing initiatives, we successfully attracted attention from international investors seeking to benefit from Qatar's residency scheme, making UDC a preferred choice for both resident and non-resident foreign investors,” al-Othman said.
Highlighting the company’s plans and prospects for 2024, he said the inauguration of The Pearl International Hospital and continued efforts to attract foreign investments are among its strategic goals.