Pearl-Qatar developer sees 16% rise in Q1 net profit

  • Share via facebook
  • Tweet this
  • Bookmark and Share

The developer behind Qatar's multi-billion dollar Pearl-Qatar has said its net profits for the first quarter rose 16 percent compared to the same period last year.

United Development Company (UDC) said net profit for the first three months stood at QR229m, compared to QR196.8m in the year-earlier period.

"I am pleased with our revenue performance as we continue to invest in our capabilities and grow our ranks with the aim of enhancing our market position while we pursue our long-term strategic initiatives," Sheikh Ahmed Bin Nasser Bin Faleh Nasser Al-Thani, chairman of UDC, said.

According to the company's CEO Ebrahim Al-Sulaiti, the results reflected a "steady performance".

He said the company had seen improved real estate sales and leasing figures while performance had also been boosted by the opening of new retail outlets on The Pearl-Qatar, with more expected to open throughout 2013.

"Given this encouraging trend, UDC will continue to deliver strong results across the group, posting profit levels that are in line with the board's expectations and demonstrating the company's ability to perform in a very competitive marketplace," Al-Sulaiti said.

Last week, UDC said it had appointed consultants to develop a new retail strategy for the Pearl-Qatar.

The company said it had appointed mSquared Shopping Centres as retail consultants who would work closely with the UDC management team to devise a "holistic strategic plan for the mixed-use urban development".

Related:

Market Performance

United Development Company
29.15
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

1
Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

2
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Most Discussed
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew