(MENAFN- The Peninsula)
The Peninsula
Doha-Qatar: United Development Company (UDC), the master developer of The Pearl and Gewan Islands, has announced its financial results for the third quarter of 2024, reporting a net profit of QR 241 million on revenues of QR 1.2 billion. The net profit attributable to equity shareholders amounted to QR 242 million, with basic earnings per share of QR 0.068.
Throughout the first nine months of 2024, UDC made significant strides across its core business areas, with notable achievements in residential sales, leasing activities, and retail operations at both The Pearl and Gewan Islands. The company also completed major development milestones, at Crystal Residence in Gewan Island and The Pearl International Hospital.
As these projects near completion, UDC is set to launch the hospital in Q4 2024, while the activation of Gewan Island's residential and retail activities is expected in the fourth quarter of this year and the first quarter of 2025. Crystal Residence handovers are scheduled to begin in November 2024, marking a significant step toward the island's full-scale development.
On the developmental front, UDC has made significant progress at Gewan Island, with all major works for the mixed-use Crystal Residence buildings now successfully completed.
The island's substations are fully operational, and the outdoor cooling system for the mixed-use buildings is in place. Additionally, all utility services are completed and functional for both Gewan Island and Marina Quartier. The fencing and gates for the waterfront and beachfront villas are also finished, and the dredging works for the sea pool area have been successfully completed.
Significant progress has also been made in the development of Corinthia Hotel and Solymar Beach Club, with the completion of the main structural and concrete works. The stone façade of the hotel has reached 50% completion, while interior finishing works have advanced across most floors of the hotel and beach club. Additionally, Corinthia's residential mock-up villa has been completed.
Retail leasing at Gewan Island has witnessed strong demand, with 84% of available retail space at Crystal Walkway already leased, amounting to 9,220 square meters. Fit-out works by confirmed tenants are underway in preparation for the island's imminent inauguration. UDC also achieved 46% residential sales in Crystal Residence, further cementing Gewan Island's appeal as a premier development.
To further stimulate foreign investment and enhance commercial revenues, UDC continues its international outreach strategy, with participation in several exhibitions, including Cityscape Qatar, LPS Shanghai, and the International Business Forum of Property in Russia. These efforts underscore UDC's commitment to showcasing Qatar's dynamic real estate market on the global stage.
On another note, UDC won eight prestigious international awards for sustainability from The Green Organization, reflecting its ongoing commitment to environmental responsibility. The company also received the 2024 Corporate Social Responsibility Excellence Award. In recognition of its efforts in business continuity, UDC was awarded the Global Business Continuity Award from CIR Magazine in the United Kingdom. UDC's ongoing commitment to health, safety, and wellbeing was also acknowledged with the International Safety Award 2024 from the British Safety Council, marking the fourth time the company has been honored for its outstanding workplace safety standards.
Building on its achievements thus far in 2024, UDC remains focused on completing the remaining milestones at The Pearl and Gewan Islands. The opening of The Pearl International Hospital in Medina Centrale is set to strengthen The Pearl Island's role as a hub for premium healthcare services. Meanwhile, Gewan Island continues to show promise in enhancing Qatar's real estate offerings with UDC anticipating strong sales and leasing performance as the inauguration of Crystal Residence and Crystal Walkway approaches.
To enhance the vibrancy of its developments and engage the community, UDC is organizing a series of sustainable events in Q4. By repurposing resources and partnering with local suppliers, these events also support retailers across The Pearl and Gewan Islands. The diverse lineup includes family-friendly entertainment such as The Pearl Cirque and QQpitstop, educational exhibitions like Sirah Exhibition and Qatar Classic Cars Show, as well as retail-focused events such as The Pearl Perfume Exhibition.
UDC is a leading Qatari public shareholding company, with a strategy focused on identifying and investing in long-term projects that contribute to Qatar's growth and deliver shareholder value. Established in 1999 and listed on the Qatar Exchange in 2003, UDC's activities span a variety of sectors including real estate development, property management, infrastructure and utilities, district cooling, maritime, and hospitality.
As of 30 September 2024, UDC's authorized share capital stands at QR 3.5 billion, with total assets of QR 19.7 billion.
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