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Pearl Qatar developer posts 32% rise in profits

UDC records revenue of $749.8m for 2012, compared to $524.6m in 2011

Pearl Qatar developer posts 32% rise in profits
Pearl Qatar developer posts 32% rise in profits

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United Development Company (UDC), the developer of the Pearl Qatar mega project in Doha, has reported a revenue of $749.8 (QR2.73bn) for 2012, compared to $524.6 (QR1.91bn) for 2011, it has revealed in a statement.

While net profit increased 32% to $233.4m (QR850m) for the year ending 31 December 2012, compared to 2011, excluding revaluation gain on investment properties amounting to $177.1m (QR645m), the profit attributable to company owners stood at $200.5m (QR730m).

Earnings per share were QR2.17 as at 31 December 2012, compared to QR16.32 in the same period in 2011, due to the revaluation gain on investment properties.

The developer also reported a gross profit of $296.6m (QR1.08bn), compared to $215m (QR783m) for the same year. Total assets increased to $5.3bn (QR19.466bn), compared to $5.23bn (QR19.056bn) in 2011.

UDC chairman Hussein Al Fardan attributed the developer’s ongoing success to Qatar’s solid economic position, in tandem with the expanding opportunities made possible by the country’s stability and growth.

“We are fortunate to be operating in a rapidly-developing country, and are therefore able to report solid operating results for 2012,” said Al Fardan.

CEO Ebrahim Al-Sulaiti said the developer’s focus in 2012 had been twofold: to attract investors to purchase plots at Pearl Qatar, and to encourage more retailers to the project.

“Pearl Qatar represents a unique investment opportunity for investors and retailers looking to maximise their returns and diversify their investment portfolios,” said Al-Sulaiti.

“We are on the right track to diversify our revenue stream further in 2013 by launching new precincts at the Pearl Qatar,” he revealed.

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