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Friday, June 25, 2021

Qatar developer UDC boosts profits by 8 percent in 2015


United Development Co. (UDC), known for planning and overseeing construction of the Pearl-Qatar, said its 2015 net profit climbed 8 percent last year to reach QR689.6 million.

UDC, which also has holdings in petrochemical firms, marine activities and utilities, is among the first of Qatar’s major real estate companies to report its full-year financial results. While the slump in oil prices has lowered growth projects for the wider economy, the property sector appears to remain a bright spot as Barwa and Ezdan Holdings also posted large increases in profits through the first nine months of 2015.

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