UDC Reports Solid First Half 2017 Financial Results

Doha, July 18 (QNA) - United Development Company (UDC) announced its financial results today for the first half of 2017 ending June 30. The Company achieved a net profit of QR 381 million in the first half of the year while the net profit attributable to owners stood at QR 284 million. Basic earnings per share stood at QR 0.80. Commenting on the Company's financial results, UDC Chairman Turki bin Mohammed Al Khater said: "In the face of challenging conditions, UDC continued its good performance for the year, thereby strengthening its position as one of the region's leading real estate developers." Al Khater continued, "The first half of the year was unique on multiple levels. The Company accelerated its sales of land and urban development while continuing to develop its residential projects and retail outlet presence at the Pearl-Qatar, which increased revenues and bolstered The Pearl-Qatar's position as an investment, tourism and leisure hub. These developments reflect our success in pursuing growth and our commitment to maintaining profitability and achieving annual growth targets." "We are committed to implementing the Company's strategy with real estate development at its core. We will also continue to promote the treasures that The Pearl-Qatar have to offer and foster growth through a mix of development projects across diverse areas that aim to deliver rewarding financial returns while taking moderate and relatively acceptable risks," Al Khater added. UDC President and Chief Executive Officer Ibrahim Al Othman said: "The first half results are in line with our strategy to generate sustainable value for our shareholders and investors while utilizing UDC's leading position in the local market to attract more visitors to The Pearl-Qatar, thereby strengthening our position as a leading investment, shopping, leisure and residential hub". "Our first half results reflect a 32% increase in revenues during the first half of 2017 compared to the same period of last year, which is evidence of our ability to stay viable despite the current global economic situation", Al Othman added. Al Othman noted that the past six months have been marked by many positive developments with the foundation for a number of development projects being laid that are expected to enhance the occupancy rate of residential units and retail outlets in The Pearl-Qatar. UDC kicked off the construction of Al Mutahidah Towers, which will consist of two connected residential towers, comprising diverse residential units, all overlooking a beautiful waterfront with direct access to the beach. During the first half of the year, we also sold 8 land plots in Giardino Village, one of the most luxurious and promising residential areas on the Island, lying in close proximity to shops and entertainment venues adjacent to Porto Arabia, Medina Centrale, Qanat Quartier and Viva Bahriya." UDC's first half achievements also included the completion of the first and second phases of residential unit sales of Al Mutahidah towers and the inauguration of office leasing at The Pearl Tower 1, in addition to the launch of the Investor Relations mobile app, which can be downloaded from iTunes App store and Google Play store, to provide investors with the Companys latest share price and financial news. The Pearl-Qatar has also welcomed a large number of new local and international outlets and restaurants at Porto Arabia, Medina Centrale and Qanat Quartier, which are now providing residents and visitors of the Island with an exceptional leisure experience. The newly inaugurated shops bring the total number of outlets across the Island to 338, which have bolstered retail activity as witnessed by the number of vehicles entering The Pearl-Qatar. This statistic is tracked through monitoring devices installed at the entrance of the Island that are currently recording a weekly average of approximately 200,000 vehicles. UDC 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 went on to be listed on the Qatar Exchange in June 2003. It has an authorized share capital of QR 3.5 billion and total assets of QR 18.4 billion at 30 June 2017. UDC's current portfolio includes: real estate development, property management, infrastructure and utilities, energy-intensive industries, hydrocarbon downstream manufacturing, maritime related businesses, and hospitality. (QNA)