Doha: United Development Company (UDC), the master developer of The Pearl and Gewan Islands, announced its financial results for the third quarter of 2022, reporting a net profit of QR217m on revenues of QR1.24bn. The net profit attributable to the equity shareholders stood at QR209m and basic earnings per share was QR0.059.
Turki bin Mohammed Al Khater, Chairman of UDC said: “In the first nine months of 2022, UDC focused on delivering new residential and commercial projects on The Pearl Island to meet the growing demand for property sales and rentals on the one hand, and to accommodate the expected increase in visitors in the coming period, in addition to continuing to develop Gewan Island with the aim of inaugurating some landmarks in time for the World Cup”.
He added: “An investment was also made into attracting local and foreign investors which has contributed to a stable financial performance and a sustainable revenue stream for the future. Looking ahead to the remainder of the year, UDC is well-positioned to lead as a developer of choice, maintaining good value to shareholders and investors while delivering outstanding residential destinations and comprehensive lifestyle experiences to both residents and visitors,” Al Khater concluded.
For his part, Ibrahim Jassim Al Othman, President, Chief Executive Officer and Member of the Board at UDC said: “The third quarter results are in line with UDC’s strategy to focus on delivering projects that are currently under development and as per the target completion schedules. UDC is also maintaining demand as its unique properties continue to attract local customers and draw greater interest from international investors looking to invest in Qatar amid the positive economic prospects in the medium and long term, and the incentives provided by the freehold ownership law for residents and foreigners”.
In the first nine months of 2022, UDC achieved total sales and leases of 430 properties. As many as 24 new retail brands have also launched their operations at The Pearl Island, proving the Island’s leading position as a destination of choice for retail businesses, whereby UDC achieved a 48 percent increase in leased retail spaces at The Pearl and Gewan Islands compared to the same period last year.
On the development side, UDC released two new compounds in Floresta Gardens bringing the total number of compound villas for rent on the Island to 195. In the same neighborhood, United School International has opened its doors for its first academic year and Giardino Mall as well as Floresta Galleria are preparing to open next November for an enhanced sense of community.
In Gewan Island, UDC achieved major development strides with the full completion of raft foundations for Corinthia Hotel and Beach Club, in addition to the Golf Club’s shaping and two lakes. As for Crystal Residence buildings, works are underway as planned.
UDC is equally set to inaugurate Corinthia Yacht Club at The Pearl Island as well as Gewan Bridge and Gewan Golf Club in Gewan Island, which will enhance the islands’ recreational and leisure offerings, in addition to the new attractions that were recently installed namely The Pearl Fountain, two landmark clocks on The Pearl Island’s main and Isola roundabouts, the Duck Lake and Beach Centrale for the public and visitors during the World Cup.
In Q3, UDC obtained five ISO certifications for meeting a number of quality management, efficiency, safety and sustainability principles, covering not only UDC services at The Pearl Island, but also those of its subsidiaries, Ronautica and Hospitality Development Company (HDC) which respectively operate one of the Middle East’s largest marinas in Porto Arabia and various F&B and hospitality concepts across The Pearl Island.
To further achieve operational excellence, of which environmental sustainability is an inherent component, UDC Headquarters at UDC Tower received the Global Sustainability Assessment System (GSAS) Operations Certificate in GOLD rating making it the first building in The Pearl Island, to receive this top regional sustainability ranking.
Commenting on the Company’s development activities for the remainder of 2022, Al Othman said: “UDC continues to pursue development activities at Gewan Island and various strategic projects and attractions at The Pearl Island, including an artificial sandy beach “Beach Centrale”, a duck lake with paddle boats, The Pearl Photo Walk as well as Corinthia Yacht Club. We aim to enhance recreational and entertainment experiences further in our developments, to capitalise on the increased visitor footfall and growing interest from international investors looking to invest in full-rounded destinations”.
