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Tue 25 Oct 2016 06:48 PM

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Pearl-Qatar developer said to see 3-fold rise in Q3 net profit

United Development Company makes net profit of over $32m in three months to Sept 30

Pearl-Qatar developer said to see 3-fold rise in Q3 net profit
The Pearl-Qatar island development.

United Development Company (UDC), the company behind The Pearl-Qatar, has reported a more than three-fold rise in third-quarter net profit.

According to Reuters calculations, the developer made a net profit of QR119.2 million ($32.7 million) in the three months ending September 30, versus QR37.9 million a year earlier.

UDC's nine-month net profit of QR451 million was down from QR595 million a year earlier, a bourse statement said.

UDC chairman Turki Al Khater said: “The third quarter results reflect the company’s ambition for growth in different segments, and most notably The Pearl-Qatar, where our continued focus on project delivery of premium residential and outstanding commercial units enables the company to be well positioned as leader in the real estate development sector."

He added: “We have our eyes equally set on new and innovative business ideas and opportunities in order to enhance the synergies with our operating companies.”

Ibrahim Jassim Al-Othman, UDC president and CEO added that during Q3, UDC signed an agreement for the sale of a residential tower plot in Viva Bahriya precinct, while the company continued to work on generating continuous revenue from its core operation.

* With Reuters

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