Satyendra Pathak
Doha
United Development Company (UDC), the master developer of The Pearl and Gewan Islands, on Monday got approval from shareholders to distribute dividends worth QR194.747 million, equivalent to 5.5 percent of share par value.
The company got approval from the shareholders during its annual ordinary general assembly meeting chaired by UDC Chairman Turki bin Mohamed Al Khater and attended by the UDC board of directors, representatives of the Ministry of Commerce and Industry, UDC’s external auditors Ernst & Young, and the company’s shareholders.
Presenting the company’s activities and its financial results for the year 2022, Khater said, “The company has achieved a net profit of QR 390 million in 2022, an increase of 10 percent from 2021 figures and total revenues of QR 1.8 billion. The net profit attributable to equity shareholders stood at QR388 million with basic earnings per share of QR0.110, which marked an increase of 20 percent compared to 2021.”
Khater said, “The proposed dividends for the year 2022 are in line with the value of the real estate projects that the Company is continuing to develop and cash outflow that will be spent on these projects during the year 2023 in accordance with the UDC’s five-year business plan.”
For 2023, he said, “UDC renews its pledge to shareholders to complete its development projects on The Pearl and Gewan Islands and attract potential investors, buyers, and tenants, and to also play an active role in supporting the Qatari economy and promoting Qatari tourism, the latter increasingly gaining importance in recent times.”
UDC President, CEO and Member of The Board Ibrahim Jassim Al Othman described the year 2022 as being a momentous year for UDC evidenced by the achievement of various strategic projects and noteworthy successes.
He said, “Despite the multiple challenges, our proactive planning and readiness as well as our steady operational performance, have enabled us to deliver our planned development projects ahead of the World Cup, as well as achieve full visitor capacity.”
Othman said, “Looking at residential projects on The Pearl Island, we have successfully delivered the remaining Giardino Gardens villas as well the three Floresta Garden villa compounds. This was accomplished in parallel to the launch of a series of recreational facilities and attractions including Duck Lake, Beach Centrale, The Pearl Fountain, and The Pearl Photo Walk, in addition to Corinthia Yacht Club and Kai’s Songbird Restaurant from Mayfair on its ground level. We also signed a strategic cooperation agreement with Monaco Marina Management (M3) and the Yacht Club de Monaco and witnessed the official opening of United School International which provides high-standard education and facilities.”
Othman indicated that the achievements further encompassed Gewan Island which witnessed the opening of Gewan Bridge and Abraj Quartier Bridge, in addition to the inauguration of Corinthia Golf Club as a qualitative addition to Qatar’s hospitality and recreational sectors. He also revealed that works have progressed in Crystal Residence buildings reaching 75 percent as well as Corinthia Hotel and Beach Club, and the air-conditioned outdoor Crystal Walkway.
Highlighting the company’s plans and prospects for 2023, Othman said, “Delivering ‘The Pearl International Hospital’ at The Pearl Island as well as Gewan Island’s infrastructure and ‘Crystal Residence’ by end of the year, translate our vision and commitment to our business plan for the benefit of investors and shareholders.”
