Developer UDC also announces 9% rise in operating profits for 2016
The Pearl Qatar saw an 81% rise in the volume of sales of residential units in 2016 compared to the year before while leased retail space went up by 32% in the same period, according to the project’s developer United Development Company (UDC).
Addressing the company’s ordinary general meeting on Monday, UDC chairman Turki bin Mohammed Al Khater said the company was able to achieve the results it had planned for last year despite the general uncertainty in the financial sector.
He added that in 2016 UDC achieved a net profit of $187 million with earnings of $0.48 (QR1.76) per share. Revenues saw a year-on-year increase of 66% while operating profits rose 9%.
“During 2016, we invested extensively in the development of operational processes and took measures aimed at enhancing sustainability through continued focus on the delivery of residential and commercial projects on The Pearl-Qatar Island. This has helped us maintain a leading position in the real estate sector and reinforce our commitment to grow and focus on the core business adopted by the company,” he was quoted as saying by the Qatar Tribune.
UDC has succeeded in enhancing its investment portfolio to be inclusive of all vital sectors, making the company capable of withstanding volatile conditions and ready to seize new opportunities, he added.
“By committing to the implementation of our growth strategy and focusing on real estate development as our core business, we have succeeded in 2016 in achieving positive financial results and maximising value to our shareholders,” Al Khater said.