United Development Company (UDC), a leading Qatari public shareholding company and the master developer of The Pearl-Qatar and Gewan Island, announced its financial results for the year 2020 achieving net profit of QR265m and revenues of QR1.176bn.

The net profit attributable to equity shareholders stood at QR226m, and basic earnings per share amounted to QR0.064 with proposed dividends of 5 percent.

Commenting on these results, UDC Chairman, Turki bin Mohammed Al Khater said: “Despite the challenges that businesses have faced in 2020 as a result of the coronavirus pandemic, UDC was able to maintain development activities throughout the year where we succeeded in completing the planned development phases at The Pearl-Qatar and Gewan Island.”

Al Khater further continued: “In line with its business plan to develop promising projects, UDC boosted development activities in Gewan Island, with the awarding of contracts worth QR1.5bn for the Island’s mixed-use buildings, landscape and infrastructure works, in addition to signing technical services and management and operation agreements with Corinthia Hotels, for ‘Corinthia Gewan Island Qatar’ hotel, and its connected golf course and beach club in Gewan Island, in addition to the new Yacht Club at The Pearl-Qatar. All these investments will ensure UDC’s sustainable growth and the creation of new opportunities and revenue sources over the long term.” 

“Thus, the proposed dividends for the year 2020 are in line with value of the real-estate projects that the company is developing and cash out flow that will be spent on these projects during the year 2021 in accordance to the Company’s five-year business plan.”  Concluding his statement, Al Khater said: “We hope that the coming period will bring an increased demand for properties as a result of the new ministerial decision that allows foreign ownership of property and the privileges it carries to residents and investors, which will ensure the sustainable growth of the real estate sector, including our company.” 

For his part, UDC President and Chief Executive Officer and Member of the Board, Ibrahim Jassim Al Othman, described 2020 as an exceptional year, which demonstrated UDC’s ability to adhere to its business plan and maintain development activities according to the specified timeline without significant change in the development completion dates, which is an achievement in its own right.

Al Othman added: “The stability in occupancy rates at The Pearl-Qatar contributed to achieving recurring revenues from residential and retail leasing, in addition to the sale of residential units and plots in 2020”. 

He further pointed out that UDC achieved major strides in the development of Gewan Island, with the completion of major marine works simultaneously with ongoing infrastructure works. UDC also completed main foundation works and started installing support pylons of Gewan Island’s main entrance bridge. Substantial progress was also made in Crystal Residence which witnessed the completion of main stages within the common basement, with some of the buildings already reaching the third floor of construction. As for development projects on The Pearl-Qatar, Al Othman said: “UDC has accelerated development works all over The Pearl-Qatar, and as such Al Mutahidah Towers is now substantially completed, with apartments and retail units scheduled to be handed over to residents and retail tenants by beginning of Q2 2021.”

In the past year, UDC has equally made remarkable progress in developing Floresta Gardens’ infrastructure and is also on schedule with the development of its three gated villa compounds, and Floresta Galleria mall where substructure works are already done. Construction works of the UDC-developed gated villa compound and apartment building in Giardino Village have also proceeded as planned. Concurrently, Giardino Mall’s structural works and the leasing of the mall’s retail and commercial spaces have been finalized. Construction of United School International is also progressing, with the main building skeleton completed and internal and external finishing works being executed with speed and efficiency, enabling UDC to handover the school to the operator

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