Qatar's UDC records 68% revenue growth in Q1 2017by Fatima De La Cerna on Apr 18, 2017
United Development Company (UDC) has released its quarterly financial results for the first quarter of 2017.
The company recorded a net profit of $67m (QAR244m) during the period, while the net profit attributable to equity shareholders stood at $63m (QAR231m), according to Qatar News Agency (QNA).
The basic earnings per share, meanwhile, stood at $0.18 (QAR0.65).
The first quarter reportedly marked a good start of the year for the company. UDC noted that it smoothly transitioned from 2016 and accelerated the development of various residential and commercial areas by allocating the necessary resources for leading projects in real estate and infrastructure development, hospitality, property management, among others.
The first quarter of 2017 also saw an increase in revenues of 68%, compared to the same period of last year.
The company pointed out that while it is focussed on long-term opportunities, it is also keeping its attention on core activities that are trusted to yield stable financial results.
In Q1, UDC said that it witnessed a steady increase in the retail leasing percentage for the man-made island development, The Pearl-Qatar. As a result, the volume of leased retail properties during Q1 2017 increased by 22%, compared to Q1 2016. Moreover, the sales volume of residential units logged a 25% increase on a year-by-year basis.
The company is expecting the progressive trend to continue as the island prepares to welcome a wider selection of retail shops.