Complex Made Simple

United Development Company’s profits rise in Q3 of 2014

United Development Company (UDC), one of the leading Qatari public shareholding companies and master developer of The Pearl-Qatar, announced its financial results for the third quarter of the current year 2014.

The company recorded a net profit attributable to owner of the company of QR559m, compared to net profit also attributable to owners of the company in the third quarter of 2013 of QR505.8m, an increase of approximately 11%. Net profit, including non-controlling interest amounts to QR588.7m.

Showing growth across its various portfolios, UDC posted a third quarter earnings per share of QR1.58, up 10.5% from the same period last year of QR1.43. Q3 gross profit was reported at QR909.7m, compared to QR747m for the same period last year.

Commenting on the latest financial figures, Turki Mohammed Al-Khater, UDC Chairman and Managing Director, said, “We have achieved good results in the third quarter of the year, thanks to our diligence in improving all aspects of our operations and implementing quality control mechanisms more effectively, therefore attracting more quality-seeking investors to The Pearl-Qatar.”

Al-Khater credited the forward looking vision of UDC’s Board of Directors, high level of commitment of management and staff, customer care, market leading products and services and ongoing commitment to customer service improvement as the main reasons for UDC delivering these exceptional results.

“We are committed to sustain the growth, profitability and stakeholder expectations, by working effortlessly to complete more phases of our flagship project The Pearl-Qatar and to conclude winning partnerships in all our other sectors of operations,” he concluded

During its 15 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.