UDC posts second quarter net profit of QR115 mn on revenues of QR885 mn

By the Editorial Team · Wednesday, July 22, 2026

United Development Company posted a net profit of QR 115 million in Q2 2026, driven by QR 885 million in revenues and progress on key projects like the Perlita Gardens redevelopment on The Pearl Island. These developments, alongside new ownership schemes and infrastructure improvements, position UDC to enhance its residential and commercial appeal while accelerating construction and investment efforts through the rest of the year.

United Development Company (UDC) reported a net profit of QR 115 million for the second quarter of 2026, supported by revenues totaling QR 885 million. The net profit attributable to equity shareholders reached QR 119 million, with basic earnings per share recorded at QR 0.034.

UDC's Chairman, Ahmed bin Ali Al Hammadi, highlighted the quarter as a period of significant advancement in both development and commercial operations. He noted progress on key strategic projects aimed at reinforcing the company’s growth trajectory while enhancing the lifestyle, residential, and investment appeal of The Pearl Island and Gewan Island. Al Hammadi emphasized that the company will maintain its execution momentum in the second half of the year, with a focus on bringing strategic developments closer to market and continuing investments that underline UDC’s position as a leading destination developer.

Yasser Salah Al Jaidah, UDC’s President and CEO, reported notable progress in the redevelopment of Perlita Gardens, a premium residential project planned to feature 150 villas on The Pearl Island. The completion of the demolition phase—marked by the awarding of the final demolition contract—sets the stage for construction to commence in August. During the quarter, UDC also initiated several infrastructure enhancement projects, including road widening works on The Pearl Island and improvements to the Qanat Quartier Beach area.

On the commercial side, UDC sustained positive momentum in sales and leasing activities. At Crystal Residence, the company introduced two new ownership schemes designed to cater to evolving customer preferences and expand market access. These options include a direct ownership plan requiring a 7.7% down payment combined with interest-free installments over six years, and a seven-year Lease-to-Own arrangement allowing immediate residency with a pathway to full ownership. Additionally, UDC completed sales of plot expansions at Gewan Island and maintained strong retail leasing performance across both islands, contributing to the overall vibrancy of the destinations’ retail and lifestyle offerings.

During the quarter, The Pearl Island experienced an average of 2.15 million vehicle entries per month, while Gewan Island recorded approximately 315,000 monthly vehicle entries. This sustained activity was supported by a diversified schedule of events and initiatives, including the Viva Bahriya Triathlon, the Torba Market at Qanat Quartier, Eid Al Adha celebrations, and wellness and health awareness programs aimed at residents.

Looking ahead, UDC plans to continue advancing Perlita Gardens alongside other construction and infrastructure projects. The company remains committed to strengthening its residential, retail, and hospitality portfolios to meet market demand, enhance the long-term attractiveness of both islands, and deliver sustainable shareholder value. Al Jaidah also underscored UDC’s efforts to evolve its operational framework to become more agile and responsive to stakeholder expectations and shifting market conditions in the coming months.

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