United Development Company (UDC) reported a net profit of QR115mn on revenues of QR885mn for the second quarter of 2026. The net profit attributable to equity shareholders stood at QR119mn, with basic earnings per share of QR0.034.
Commenting on the results, UDC chairman Ahmed bin Ali al-Hammadi, said: “The second quarter was marked by significant progress across both our development and commercial activities.
“Alongside maintaining healthy operational performance, we advanced several strategic projects that will support future growth while continuing to enhance the lifestyle, residential and investment appeal of The Pearl Island and Gewan Island.”
He added: “For the remainder of the year, our focus will continue to maintain execution momentum, bringing strategic projects closer to market, and continuing to invest in developments that reinforce UDC’s position as a leading destination developer while delivering long-term value for our shareholders.”
UDC president and CEO Yasser Salah al-Jaidah stated: “During the second quarter, we reached important milestones in the redevelopment of Perlita Gardens with the successful award of the final demolition package, bringing the demolition phase close to completion and enabling the project's next stage of development.”
The completion of the demolition phase marks a key milestone in the delivery of Perlita Gardens, UDC’s planned 150-villa premium residential development at The Pearl Island, paving the way for the commencement of construction in August.
During the quarter, UDC also awarded several infrastructure enhancement projects, including road widening works at The Pearl Island and the Qanat Quartier Beach enhancement project, further advancing the Company’s development pipeline.
On the commercial front, al-Jaidah said: “We maintained positive momentum across our sales and leasing activities. At Crystal Residence, we developed and launched two new ownership solutions in response to evolving customer preferences and to broaden market accessibility. During the quarter, we also completed the sale of plot expansions at Gewan Island, while retail leasing remained strong across both islands, further enhancing our destinations’ retail mix and lifestyle offering.”
Supporting this commercial strategy, the two new ownership pathways were introduced to support sales at Crystal Residence, offering buyers the flexibility to choose between a direct ownership programme with a 7.7% down payment and interest-free instalments over six years, or a seven-year lease-to-own programme that allows residents to move into completed homes immediately while progressing towards full ownership.
Together, the two options support continued sales activity while widening access to completed, income-generating residential assets.
Al-Jaidah added: “As we move into the second half of the year, our focus will be on progressing key developments, advancing new projects that support the next phase of growth, and continuing to strengthen our destinations through a balanced programme of commercial activity, events, and community engagement.
“In parallel, we will continue advancing UDC’s framework of excellence to become more agile, future-ready, and aligned with stakeholder expectations and changing market dynamics.”
Building on the quarter’s financial and operational performance, UDC will continue advancing Perlita Gardens and other key construction and infrastructure programmes, while strengthening its residential, retail, and hospitality portfolio. These efforts will remain focused on responding to market demand, enhancing the long-term appeal of both islands, and delivering sustainable value for shareholders.
