(MENAFN- Qatar News Agency) United Development Company (UDC) today announced its quarterly financial results for the first quarter of 2016.
The Company achieved a net profit of QR 271 million in Q1 2016, while the net profit attributable to owners of the Company stood at QR 259 million.
Commenting on the Company's financial results, UDC Chairman Turki Mohamed Al Khater, said: "Sustainable performance was maintained over the past three months. The Company is ambitious for growth in different segments, and most notably The Pearl-Qatar where our continued focus on project delivery of premium residential and commercial units enables the Company to be well positioned to be in the real estate development sector".
"With the country's economy on its route to recovery in 2016 and UDC's proven ability to withstand different types of contingencies, The Pearl-Qatar continues to be a safe and lucrative investment for individual and institutional investors alike", Al Khater continued.
According to Ibrahim Jassim Al Othman, UDC President and Chief Executive Officer, the results exhibited in the first quarter of 2016 reflect steady performance. The Company focused on maintaining sustainable revenue from its core operations. The revenue for the first quarter of 2016 increased by 15% than prior period, and the gross profit witnessed a growth by 13%. This reflects the Company's ability to achieve revenue and maintain stable operating performance.
" "During the first quarter, we have witnessed a steady rise in the residential and retail occupancy rates in The Pearl-Qatar, and we believe this progressive trend will continue as the Island prepares to welcome a wider selection of retail shops in the vibrant district of Medina Centrale in addition to dining outlets in Qanat Quartier, later in 2016", he stated.
Al Othman further highlighted the completion of Abraj Quartier's iconic towers at The Pearl's entrance by end of the second quarter of 2016. He said, "Abraj Quartier realizes our strategic vision to make The Pearl-Qatar a fully functional city and thus has been designed to fulfill the market demand for more commercial office spaces in the wider West Bay area, the country's primary business district." Established in 1999, UDC was listed on the Qatar Exchange in June 2003. Companies under its umbrella include United Fashion Company, Hospitality Development Company,
Ronautica Middle East, Madinainova, United Technology Solutions and The Pearl Owners Corporation among many others. UDC's target areas of interest include: infrastructure and utilities, real estate, hydrocarbon and energy, urban development, environmental-related businesses, hospitality and leisure, fashion, information technology, business and facility management services.
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