(MENAFN- Gulf Times) United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl Island and Gewan Island, reported a net profit of QR76mn on revenues of QR471mn in the first quarter of 2024.
The net profit attributable to the equity shareholders stood at QR72mn with basic earnings per share of QR0.020.
UDC strives to achieve balance between revenue and expenses, reducing the impact of increase in financing cost in the first quarter of 2024.
The company remains steadfast in its commitment to executing projects on Gewan Island with optimism about the available prospects and opportunities, especially in promising projects like Crystal Residence and Crystal Walkway. Concurrently, several key projects are being implemented on The Pearl Island, including The Pearl International Hospital.
UDC is dedicated to delivering exceptional residential experiences and shopping opportunities, focusing on providing unique benefits for residents, investors, tourists, and visitors. This is aimed at ensuring profitable returns on investment and a seamless property investment process.
The company has succeeded in maintaining good levels of residential and retail occupancy, with ongoing projects progressing as planned. Additionally, efforts are underway to enhance stable revenues through sales and leasing operations, with a focus on maintaining high residential occupancy rates in residential units and villa compounds on The Pearl Island.
Notably, there has been a significant growth in leasing commercial spaces on The Pearl Island and Gewan Island, confirming the attractiveness of UDC's properties for commercial investment and business activities. This aligns with the company's strategies to support retail businesses and attract visitors to The Pearl Island.
In parallel, UDC continued to showcase its property portfolio to international investors, leveraging platforms like MIPIM and the International Immigration & Property Expo 2024 in Hong Kong. These endeavours aimed to attract foreign investors by highlighting the high-quality standards, integrated services, facilities, and rewarding investment potential offered by UDC's developments. Additionally, UDC promoted attractive financing schemes tailored for international non-resident investors, facilitating seamless access to investment opportunities within its thriving property portfolio.
The company also highlights its efforts in supporting sustainability and social responsibility through partnerships with reputable organisations, such as the Autism Parents Platform, investments in sustainable transportation, and community sports events aimed at promoting healthy lifestyles and community bonding.
The first quarter of this year witnessed the successful hosting of several events, including the inaugural edition of The Pearl Food Festival, as well as the second editions of the Ramadan Bazaar and Eid Market, drawing large crowds and garnering widespread media exposure. These events not only contributed to the vibrant atmosphere of The Pearl Island but also highlighted its appeal as a destination for diverse cultural and commercial activities.
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