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Satyendra Pathak
Doha
The volume of residential sales at the The Pearl-Qatar increased by 81 percent in 2016 compared to the previous year, a top official of its developer United Development Company (UDC) has said.
Addressing shareholders at the company's ordinary general meeting on Monday, UDC Chairman Turki bin Mohammed al Khater said the volume of leased retail properties also increased by 32 percent in 2016 compared to the previous year.
In spite of general uncertainty in the financial sector, Khater said, UDC was able to achieve planned results in 2016.
"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 said.
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 said.
The Pearl-Qatar continues to be perceived by individual and institutional investors as a safe haven for lucrative investments, he said.
Khater said,"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," he said
In 2016, he said, UDC achieved a net profit of QR681 million and net profit attributable to owners of the company of QR623 million in addition to earnings per share of QR1.76.
Revenue of the company increased by 66 percent compared to last year and operating profit also increased by 9 percent from last year, he said.
