United Development Company Announces Financial Results for the First Half of 2019

Doha, July 24 (QNA) - United Development Company (UDC), announced its financial results for the first half of 2019, reporting net profit of QR 238 million over revenues of QR 912 million. The net profit attributable to the equity shareholders was QR 225 million and basic earnings per share was QR 0.063. In the first half of 2018, UDC recorded a net profit of QR 279 million, revenues of QR 889 million, while net profit attributable to equity holders of the parent company was QR 260 million, and basic earnings per share were QR 0.74. UDC Chairman, Turki bin Mohammed Al-Khater, said: "UDC managed to build on its stable financial results in the first half of 2019 and is actively pursuing development projects across The Pearl-Qatar and Gewan Island". Al-Khater stated: "With the launch of the sale of 10 tower land plots in Floresta Gardens and the fourth sales phase of Al Mutahidah Towers, UDC is well positioned to sustain its positive results, as we gear up to launch the construction works for United School International and the Floresta Gardens and Giardino Village gated residential compounds". For his part, UDC President and Chief Executive Officer and Member of The Board, Ibrahim Jassim Al-Othman, said: "UDC is committed to pursue its development activities mainly evidenced by the development of Gewan Island project with an investment value of approximately QR 3 billion. According to the development plans, the award of the marine works to "UrbaCon Trading & Contracting Company" and "Promar Marine Contracting Company" and securing the financing arrangement with "Qatar National Bank" and "The Commercial Bank" for the development of Gewan Island, with a credit ceiling of QR 1.250 billion, have been concluded". Al-Othman further added: "The first half of 2019 marked the achievement of several milestones for UDC, both in terms of sales and leasing. UDCs success in positioning The Pearl-Qatar as an attractive destination for those seeking a lively community to live, work, and do business was again evident in 2019". UDC, the master developer of The Pearl-Qatar and Gewan Islands, is a leading Qatari public shareholding company with a mission to identify and invest in long-term projects contributing to Qatars growth and providing good shareholder value. Established in 1999, the company was first listed on the Qatar Exchange in June 2003. It has a shared capital of QR 3.5 billion and total assets of approximately QR 18 billion as at 30 June, 2019. UDC activities cover a multitude of vital investment sectors including real estate development, property management, infrastructure and utilities, maritime, and hospitality related businesses. (QNA)