United Development Company (UDC), the master developer of The Pearl-Qatar and Gewan Islands, has reported net profit of QR343mn over revenues of QR1.3bn in the first nine months of this year.

"“UDC has delivered commendable financial results in a challenging real-estate market...Applying a clear strategy along with outstanding community and customer service initiatives will attract new investments to The Pearl-Qatar and maintain steady revenues,” said Turki bin Mohamed al-Khater, UDC chairman.

The company said the net profit attributable to the equity shareholders was QR319mn and basic earnings-per-share was QR0.09 at the end of September 30, 2019.

Ibrahim Jassim al-Othman, UDC president and chief executive, said in line with the development plan, UDC awarded major contracts on key developments across The Pearl-Qatar and Gewan Island.

"There is a significant progress on Gewan Island, our latest flagship project, where UDC has awarded the marine works contract on the island to the joint venture of UrbaCon Trading and Contracting Company and Promar Marine Contracting Company and signed a financing arrangement with QNB and Commercial Bank for the development of the island with a credit ceiling of QR1.25bn,” he said.

UDC awarded the construction contract of United School International to Al Darwish Engineering Company and the design and build contract of three gated compounds in Floresta Gardens to Ramaco Trading and Contracting Company as well as the design and build contract to Al Seal Contracting and Trading Company of the Gated Compound in Giardino Village.

"Our business model continues to be resilient in the face of challenging real-estate market conditions, evidencing that the lively Island’s community has not been affected by these conditions, via the support of our outstanding community and customer service initiatives,” al-Othman added.

"We look forward to the future with renewed optimism fuelled by sustained focus on developing an outstanding community resulting in significant appreciation in the shareholders’ values,” said the top official of UDC, whose activities cover a multitude of vital investment sectors, including real estate development, property management, infrastructure and utilities, maritime, and hospitality related businesses.