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

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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".

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United Development Company
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