Pearl-Qatar owner's profits grow by 65%
UDC also pledges fast-track development to finish remaining precincts by 2018
United Development Company, the developer of The Pearl-Qatar offshore islands project in Doha, revealed a 65% increase in net profits for 2014 to $185.6m (2013: $112.3m).
This was achieved despite an 8% decline in revenues to $523.4m (2013: $571.5m).
The company's chairman and managing director, Turki bin Mohammed Khaled Al Khater, said that the financial results for 2014 reflect "a year of significant achievement".
“We confirmed our growth potential, increasing net profit, launched new precincts at The Pearl-Qatar and opened an impressive range of retail, hospitality and entertainment projects,” he said.
He added that the company would continue to invest in meeting growth targets and would fast-track development with a view to completing all of the island's remaining precincts by 2018.