Turki Muhammad Al Khatir & Ebrahim Al Sulaiti
DOHA: United Development Company (UDC) recorded a net profit of QR577.9m for the third quarter of 2013 (Q3 2013), reflecting an increase of 7.5 percent compared with its Q2 2012 net profit. Net profit attributable to owners of the company stood at QR505.8m compared with QR417.4m recorded in Q3 2012.
Showing growth across its various portfolios, UDC posted a third quarter earnings per share of QR1.5, up 21 percent from the same period last year at QR1.24. Third quarter gross profit was reported at QR747m, compared to QR631m in the same period last year.
UDC Chairman Turki Muhammad Al Khatir attributed the company’s continued success to Qatar’s solid economic position and the expanding opportunities made possible by the stability and growth seen in the country.
Ebrahim Al Sulaiti, the company’s Chief Executive Officer, said that the company’s focus in 2013 has been on improving all aspects of operations, including attracting more investors to The Pearl-Qatar, implementing more effective quality control and adding to an already diversified customer base.
“These initiatives, coupled with the rising number of residents moving into The Pearl-Qatar in 2013, have strengthened our financial performance this year, thus helping us post a healthy bottom line,” Al Sulaiti said. “We are on the right track to diversify our revenue stream further in the remaining months of this year by launching new precincts in The Pearl-Qatar, opening new hospitality and retail outlets, improving our margins and, ultimately, increasing profitability.”
During its 14 years of activity, UDC has played a key role in the development of Qatar and the region through the creation of successful partnerships, companies and real estate developments, including Qatar’s only man-made Island, The Pearl-Qatar. Owned and developed by UDC, the Island is located 350 meters offshore of Doha’s West Bay District and is one of the largest mixed-used urban developments in the Gulf.