United Development Company (UDC) reported a net profit of QR57mn on revenues of QR351mn for the first quarter of 2021. The net profit attributable to the equity shareholders stood at QR46mn with basic earnings per share of QR0.013.
UDC chairman Turki bin Mohamed al-Khater said UDC “is moving steadily” in 2021 to achieve good revenues and profits “despite the challenging real estate market.”
He said, “We will endeavour to continue delivering across all our projects while remaining committed to our overall development plans that will ensure UDC’s sustainable growth and the creation of new opportunities and revenue sources over the long term.
“We hope the State of Qatar will overcome this pandemic and will regain safety and stability for life to take its normal course. In this context, we are looking forward to the future as we continue developing new projects at The Pearl-Qatar and Gewan Island, which will pave the way for the launch of a variety of unique residential and commercial properties.”
UDC president and CEO Ibrahim Jassim al-Othman, who is also a member of the board, said the profits achieved in the first quarter of 2021 are considered good in terms of their close resemblance to the profits of the first quarter of 2020, where the coronavirus pandemic had no significant negative impact on the real estate market at the time.
He said, “Further, revenues for the first quarter of 2021 witnessed an increase of 19% compared to the first quarter of 2020, in addition to the reduction in expenses. This demonstrates the company’s efficiency in managing and diversifying the source of revenues and reducing expenses even with the current difficult circumstances.
“It is the combination of innovative properties placed in a first-class community setting is what distinguishes UDC’s projects and gives the company the flexibility it needs to navigate its business in these difficult times.”
According to al-Othman, this distinction is becoming “more and more apparent” with the start of the units handover process at Al Mutahidah Towers, and the continuing works on Giardino Village and Floresta Gardens residential compounds, as well as UDC’s latest and Doha’s most prestigious development, Gewan Island, which started taking shape, in addition to upcoming commercial projects that include the new Corinthia Yacht Club in Porto Arabia, Corinthia Gewan Island Qatar Hotel, United International School, and Giardino Mall, as well as completing construction works of The Pearl-Qatar Commercial Showrooms.
“We are ambitious about what these development projects will bring as they will allow UDC to realise its great potential,” al-Othman said.
Al-Othman also pointed to the consistency in the completion of the ongoing projects, with the strict implementation of the highest safety measures with no lost time injury cases recorded, which gives the company a firm basis to pursue development activities smoothly in 2021.
He added: “The financial results achieved by UDC during the first quarter of 2021 are acceptable in light of the tremendous challenges, but we are continuing with the course of action set by the company to meet the expectations of our shareholders, who have placed their faith and trust in UDC.”
UDC, the master developer of The Pearl-Qatar and Gewan Island, is a leading Qatari public shareholding company with a mission to identify and invest in long-term projects contributing to Qatar’s growth and providing good shareholder value. Established in 1999, the company was first listed on the Qatar Exchange in June 2003. It has an authorised share capital of QR3.5bn and total assets of QR19.9bn as of March 31, 2021.
UDC’s activities cover a multitude of vital investment sectors, including real estate development, property management, infrastructure and utilities, maritime, and hospitality-related businesses.