Qatar-based United Development Company (UDC) has registered a net profit of QR270 million ($74 million) for the first quarter, up eight per cent when compared to the same period last year.

A leading Qatari shareholding companies and master developer of The Pearl-Qatar, UDC said its net profit attributable to owners of the company stood at QR262 million ($72 million) compared to QR241 million ($66 million) last year.

The earnings per share reached QR 0.74 for the first quarter compared to QR 0.68 in the same period last year.

Commenting on the results, Turki Al Khater, UDC chairman and managing director said: "I am pleased with our performance as we continue to invest in our capabilities and grow our ranks with the aim of enhancing our market position while we pursue our long-term strategic initiatives."

"UDC has been able to deliver good quarterly results during the first quarter of the year, thanks to the continued focus on project delivery of premium residential and commercial units at The Pearl-Qatar, as well as the successful investment in strategic partnerships," he stated.

Al Khater said UDC was fortunate to be operating in a highly visionary and rapidly developing country, and that this backdrop presented multiple opportunities for continuing the company’s sound financial performance.

UDC’s target areas of interest include infrastructure and utilities, real estate, hydrocarbon and energy, urban development, environmental-related businesses, hospitality and leisure, fashion, information technology, business and facility management services, he added.-TradeArabia News Service