Posted on October 26, 2014

United Development Company (UDC), one of the leading Qatari public shareholding companies and master developer of The Pearl-Qatar, today announced its financial results for the third quarter of the current year 2014. The company recorded a net profit attributable to owner of the company of QR 559 million, compared to net profit also attributable to owners of the company in the third quarter of 2013 of QR 505.8 million, an increase of approximately 11%. Net profit, including non-controlling interest amounts to QR 588.7 million.

Showing growth across its various portfolios, UDC posted a third quarter earnings per share of QR 1.58, up 10.5% from the same period last year of QR 1.43. Q3 gross profit was reported at QR 909.7 million, compared to QR 747 million for the same period last year. Commenting on the latest financial figures, Turki Mohammed Al-Khater, UDC Chairman and Managing Director, said, "We have  achieved good results in the third quarter of the year, thanks to our  diligence in improving all aspects of our operations and implementing quality control mechanisms more effectively, therefore attracting  more quality-seeking investors to The Pearl-Qatar.

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Al-Khater credited the forward looking vision of UDC’s Board of Directors, high level of commitment of management and staff, customer care, market leading products and services and ongoing commitment to customer service improvement as the main reasons for UDC delivering these exceptional results. “We are committed to sustain the growth, profitability and stakeholder expectations, by working effortlessly to complete more phases of our flagship project The Pearl-Qatar and to conclude winning partnerships in all our other sectors of operations”, he concluded

During its 15 years of activity, UDC has played a key role in the development of Qatar and the region through the creation of successful partnerships, companies and real estate developments, including Qatar’s only man-made Island, The Pearl-Qatar. Owned and developed by UDC, the Island is located 350 meters offshore of Doha’s West Bay District and is one of the largest mixed-used urban developments in the Gulf.