UDC earns net profit of QR244mn in 1st quarter

United Development Company (UDC), the master developer of The Pearl-Qatar, yesterday announced a net profit of QR244mn in the first quarter of this year. 
The leading Qatari shareholding company said the “net profit attributable to equity shareholders” stood at QR231mn and the basic earnings per share stood at QR0.65 in three months up to March this year. 
“The first quarter marked a special start of the year for the company as it smoothly transitioned from 2016 and accelerated the development of various residential and commercial areas by allocating the necessary resources for promising leading projects in real estate and infrastructure development, hospitality, property management and others,” UDC said. 
The first quarter also saw an increase in revenues of 68% compared to the same period of last year. This reiterates the company’s capacity to provide sources of income with good returns despite the current instability in the real-estate market.
While UDC is well concentrated on long-term opportunities, it diligently continues to focus on its core activities, trusted to yield stable financial results, according to a statement. 
During the first quarter, the company witnessed a steady increase in the retail leasing percentage in The Pearl-Qatar. As such, the volume of leased retail properties during Q1 increased by 22% compared to the first quarter last year, in addition to the sales volume of residential units of 25% on a year-by-year basis. This progressive trend is expected to continue as the island prepares to welcome a wider selection of retail shops, demonstrating UDC’s ability to increase revenues and maintain operational stability.
Moreover, the company’s “effective policy” of managing general and administrative costs has resulted in a healthy expense to income ratio of 11%.
UDC’s “achievements” in the first quarter of 2017, include a “great deal” as the company sold at a record time of five days, the first phase of residential units at Al Mutahidah Towers in Viva Bahriya. 
On the retail front, The Pearl-Qatar inaugurated some 20 new shops in Porto Arabia, Medina Centrale and Qanat Quartier. 
In the first quarter of the year, UDC successfully launched a free public Wi-Fi solution on The Pearl-Qatar, in partnership with Ooredoo. The connection is now accessible to both visitors and shoppers. 
The quarter also saw the opening of a Government Services Complex in Medina Centrale on The Pearl-Qatar, where 10 governmental agencies and the Traffic Directorate offer their services to both citizens and residents. 
As for the company’s construction projects, UDC kicked off infrastructure construction works at Giardino Village, one of the most promising residential areas on the Island, consisting of landscaped villas that offer spectacular views of the Island’s mainland in addition to building 10 residential villas in the same location.
UDC 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 went on to be listed on the Qatar Stock Exchange in June 2003. It has an authorised share capital of QR3.54bn and total assets of QR18.3bn as on March 31.