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Al Khater .... committed to sustain the growth and profitability.

Qatari developer UDC posts 11pc Q3 growth

DOHA, October 26, 2014

Qatar-based United Development Company (UDC) has registered a net profit of QR559 million ($153 million) for the third quarter, up 11 per cent over QR505.8 million ($139 million) for the same period last year.

A leading Qatari public shareholding company and the master developer of The Pearl-Qatar, UDC said its net profit, including non-controlling interest amounts to QR588.7 million ($162 million).

The gross profit for the third quarter surged to QR909.7 million ($249 million), compared to QR747 million ($204 million) for the same period last year.

Commenting on the performance, Turki Mohammed Al Khater, the chairman and managing director, said: "We have achieved good results in the third quarter, thanks to our diligence in improving all aspects of our operations and implementing quality control mechanisms more effectively, therefore attracting  more quality-seeking investors to The Pearl-Qatar."

Al Khater credited the forward looking vision of UDC’s board, high level of commitment from the management and staff, customer care, market leading products and quality customer service as the main reasons for the solid results.

"We are committed to sustain the growth, profitability and stakeholder expectations, by working effortlessly to complete more phases of our flagship project The Pearl-Qatar and to conclude winning partnerships in all our other sectors of operations," he added.

During its 15 years of activity, the company has played a key role in the development of Qatar and the region through the creation of successful partnerships, companies and real estate developments, including the country’s only man-made Island, The Pearl-Qatar.

Owned and developed by UDC, the Island is located 350 m offshore of Doha’s West Bay District and is one of the largest mixed-used urban developments in the Gulf.-TradeArabia News Service




Tags: Pearl Qatar | profit | UDC |

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