United Development Company (UDC) has said its prestigious Pearl Qatar had received more than 3,000 residents so far this year. The company also said more dining and retail outlets were expected to open in the second half of this year. This was announced by UDC managing director and president Khalil Sholy while disclosing the first half results, which showed a net profit of QR346.8mn. UDC chairman Hussein Alfardan attributed the company’s financial performance and continued success to Qatar’s economic progress and stability under the vision and wise leadership of HH the Emir, Sheikh Hamad bin Khalifa al-Thani and HH the Heir Apparent Sheikh Tamim bin Hamad al-Thani. “The results exhibited in the first half of 2011 reflect the steady performance by UDC and its subsidiaries. The results show that the board and management of UDC have effectively implemented the correct strategy and we look forward to continued growth in the second half of the year,” according to Sholy. He said UDC was starting to reap the benefits from the strong performances of its partner companies and subsidiaries and will continue to seek and establish solid future partnerships. UDC’s earnings-per-share reached QR2.16 for the first six months of 2011, while reporting a gross profit of QR355.7mn compared to QR279.9mn for the same period last year. “We are therefore confident that our strategic plans will continue to enhance the broad scope of UDC’s business activities,” he added. Total assets of UDC amounted to QR12.56bn compared to QR10.17bn in the same period in 2010.

Follow us on our social media channels: @ILQlive @ILQlive @ILoveQtr ILoveQatar