Doha: United Development Company (UDC) announced its financial results for the year 2022 achieving net profit of QR390 million and revenues of QR1.8 billion.
The net profit attributable to equity shareholders stood at QR388 million, and basic earnings per share amounted to QR0.110 with proposed dividends of 5.5%, the company said.
Commenting on these results, UDC Chairman Turki bin Mohammed Al Khater said:
"The proposed dividends for the year 2022 are in line with value of the real estate projects that the Company is continuing to develop and cash out flow that will be spent on these projects during the year 2023 in accordance with the UDC's five-year business plan."
Al Khater added: "Now, we are looking forward to 2023 to build on our accomplishments, mostly in Gewan Island, where we started observing a significant increase in real estate activity through sales and rental demands in the residential and retail sectors. As the year goes on, we expect to attract more discerning clients looking to invest in a promising community, while continuing to draw on the potential and to develop our projects at The Pearl Island which has proudly reached an international level with excellence."
For his part, UDC President, CEO and Member of The Board, Ibrahim Jassim Al Othman, described the year 2022 as being a momentous year for UDC evidenced by the achievement of various strategic projects and noteworthy successes.
"Based on the progress made in 2022, 2023 will therefore see these achievements amplified in terms of heightened real estate development and enhanced services, with the planned inauguration of The Pearl International Hospital and the completion of Crystal Residence units on Gewan Island. UDC will further draw benefit from the full occupancy and high exposure levels achieved during the World Cup, not to forget the residency incentives extended to property investors by means of the latest foreign ownership law," said Al Othman.
Established in 1999, UDC was first listed on the Qatar Exchange in June 2003. It has an authorized share capital of QR 3.5 billion and total assets of QR 20.9 billion as at Dec. 31, 2022.
Through a combination of project activities and commercial enterprise, UDC and its subsidiaries have accumulated a large amount of specific experience including detailed knowledge of real-estate development, property management, district cooling, hospitality and maritime, infrastructure and utilities.
