Qatar's United Development Company (UDC), the developer of the man-made Pearl Island project, said its full-year net profit for 2011 soared to QR3.77 billion ($1.03 billion) from QR617 million the previous year.

Announcing the results, UDC chairman Hussein Al Fardan said the company's total assets increased to QR19.056 Billion, compared to QR10.88 billion as of December 31, 2010. The Qatari developer reported an EPS of QR23.29.

He attributed the company’s continued success to Qatar’s solid economic position in the region and the continued opportunities afforded by the stability and growth of the country.

“We are fortunate to be operating in a highly visionary and rapidly developing country. This backdrop presents multiple opportunities for continuing diversified business for UDC,' he added.

Khalil Sholy, UDC managing director and president, highlighted the contribution of various units across the business in delivering these results and lauded  the management and employees of UDC and associated companies.

Sholy pointed out that UDC was in discussion with Qatari General Retirement and Social Insurance Authority to make a strategic investment in the company.

'We have witnessed in 2011 the opening of almost 50 new businesses at The Pearl-Qatar such as spinneys, Mango Tree, Lancel, Hiref, WAW, Living In Interiors, Bisazza, Vodafone, Qatar Airways, Commercial Bank, Porto Saloon and Al Tabkha just to list a few, in addition to the increasing number of residents that has exceeded 4,000.

UDC is one of Qatar’s leading shareholding companies. Its target areas of interest include: infrastructure and utilities, real estate, hydrocarbon and energy, urban development, environmental-related businesses, hospitality and leisure, fashion, information technology, business and marketing services.-TradeAraabia News Service