The United Development Company announced its financial results for the first quarter of 2023, recording net profits of 93 million riyals and revenues of 563 million riyals, while the net profit attributable to the owners of the company amounted to 88 million riyals, and the basic earnings per share was 0.025 riyals.
His Excellency Mr. Turki bin Mohammed Al-Khater, Chairman of the Board of Directors of the United Development Company, said: “The United Development Company succeeded in achieving satisfactory financial results for the first quarter of 2023, while continuing to develop a diversified portfolio of vital residential and commercial properties on the Pearl Island and planning for future growth through Strategic investments in Gewan Island.
He continued, “The company is looking forward to seizing the opportunities offered by our projects on Gewan Island, especially in the Crystal Residence and the Crystal Walk, and therefore we will continue our unremitting efforts to advance the development of all our projects and provide distinct and unique residential and entertainment experiences for all residents, investors, tourists and prospective visitors.”
He added, “We seek throughout this year to develop the capabilities of our various projects, whether residential, commercial or public facilities, on The Pearl Island, especially the United International School and The Pearl International Hospital, which will be opened at the end of the year.”
For his part, Mr. Ibrahim Jassim Al-Othman, CEO and member of the Board of Directors of the United Development Company, said: “The profits achieved in the first quarter of 2023 confirm the continued confidence of investors in the United Development Company, as we have maintained a good level of residential and commercial occupancy.”
He added, “United Development Company is constantly seeking to achieve sustainable revenues through sales and leasing operations, while we are working in full swing to complete the ongoing projects in The Pearl Island and Gewan Island, which will give our company a solid basis for future expansion, which reflects our focus on sustainable business growth.” and creating long-term value for our investors and shareholders.”
Mr. Al-Othman also stated that: “The Pearl Island continues to achieve an increase in residential occupancy, by maintaining a constant rental rate, in addition to recording sales of completed residential units on The Pearl Island, and under implementation in Crystal Residence on Gewan Island, which paves the way for the launch of the second phase of sales. almost”.
UDC has welcomed 13 new retail stores on The Pearl and another 40 will open by the end of the year, with 3,600 square meters of commercial space being leased on both the Pearl and Gewan islands. The rental rate for retail stores on Gewan Island has reached an impressive 43%, which indicates that investors have confidence in achieving high returns through this highly anticipated destination for a new lifestyle.
