Pearl-Qatar developer’s profits fall 39 percent in 2016

Qatar-based United Development Company (UDC) has seen profits plunge in the first half of 2016 amid a softening home rental market.

The Pearl-Qatar developer reported a net profit of QR353 million (UD$96.98 million) for the first two quarters of this year, down 39 percent from the QR577 million (US$158.52 million) reported at the same time last year.

In a statement, UDC’s President and CEO said the results actually beat expectations and “reflect the soundness of our strategy.”

Ibrahim Al Othman added that to keep business going, the company has been working with unnamed “strategic developers” who are investing in several of the Pearl’s properties this year.

So far in 2016, UDC has sold a tower plot in Viva Bahriya, various plots in the planned Giardino Villas and is in the process of selling one of the new Abraj Quartier’s commercial towers, which stand at the entrance of the island.