Home / NEWS / Pearl Qatar boosts UDC's $95m half-year net profit

Pearl Qatar boosts UDC's $95m half-year net profit

by CW Staff on Jul 26, 2011

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Pearl Qatar

The United Development Company (UDC), the developer behind the 400ha Pearl Qatar artificial island project, has posted net profits of $95m for the first half of 2011.

UDC chairman Hussein Al Fardan attributed the company's financial performance and continued success to such successful ventures as Pearl Qatar, which signalled Qatar's economic progress and stability.

Khalil Sholy, MD and president of UDC, said: "The results exhibited in the first half of 2011 reflect the steady performance by UDC and its subsidiaries.

"The results show that the board and management of UDC have effectively implemented the correct strategy, and we look forward to continued growth in the second half of the year," said Sholy.

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Sholy pointed to several notable achievements for UDC so far this year. In 2011, the number of residents moving into residential properties in the Pearl Qatar have so far exceeded 3,000. New retail outlets and restaurants have opened, with more expected to come on line in the second half of the year.

"The UDC is starting to reap the benefits from the strong performances of its partner companies and subsidiaries and will continue to seek and establish solid future partnerships," said Sholy.

Sholy added: "UDC's earnings per share reached QR2.16 for the first six months of 2011, while reporting a gross profit of $98m compared to $77m for the corresponding period last year."

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