UDC posts QR157 mn net profit in H1 PAGE 9 THURSDAY, JULY 29, 2021 34,991.54 10,708.37 52443.71 1,806.10 DOW -66.98 PTS QE +39.97 PTS SENSEX -135.05 PTS GOLD +0.12 % Boeing records first profit since ‘19 on higher 737 MAX deliveries PAGE 11 PRICE PERCENTAGE PRICE PERCENTAGE 24.92 BRENT 74.63 +0.20 % WTI 72.26 +0.85 % SILVER +1.08 % QNCC posts Ooredoo revenue increases net profit of QR94 mn in first half 3% to QR14.5 bn in 2021 H1 QNA DOHA TRIBUNE NEWS NETWORK the sale and leaseback of Indosat the Indonesian tower sale and lease- DOHA Ooredoo’s tower assets (QR 1,000 back. Excluding these one-offs and QATAR National Cement Com- million). the FX impact, net profit increased pany (QNCC), a Qatar-based Qatar’s telecom major Ooredoo Excluding these one-offs and by 52 percent.” public shareholding company, on Wednesday announced that the FX impact, net profit increased by “In Qatar, our home market, we on Wednesday, disclosed the Group’s revenue stood at QR14.5 bil- 52 percent. recorded a strong performance with 5 interim financial statementfor lion in the first half of 2021, an in- Commenting on the results, percent growth in terms of revenue of the six-month period ending crease of 3 percent compared to the Ooredoo Chairman Sheikh Faisal as well as 2 percent rise in EBITDA. June 30, 2021. same period last year. bin Thani Al Thani said, “We had a Indosat Ooredoo continues to deliver The financial statements re- The revenue was mainly driven good first half of the year, with rev- robust results across the board, con- vealed a net profit of RQ 94.279 by growth in the company’s home enue increase of 3 percent as we fur- tributing significantly towards Group million in the first half of 2021 market Qatar, Indonesia, and Tuni- ther progressed our digital strategy, growth, with a 14 percent increase in in comparison to a net profit of sia. Excluding FX impact, revenue whilst effectively managing our costs revenue and an improved EBITDA QR68.286 million for the same increased by 5 percent. and overheads to support the growth margin of 50 percent,” Fakhroo said. period of the previous year. The Group EBITDA for the first half of of our business across our various “Cost control and efficiency earnings per share amounted 2021 was QR6.4 billion with a corre- markets. Consequently, our EBITDA measures resulted in a 13 percent im- to QR0.144 as of June 30, 2021 sponding EBITDA margin of 44 per- margin improved to 44 percent, up provement in EBITDA for Ooredoo against of QR 0.104 for the cent, driven by growth in Indonesia, from 42 percent for the first half of Kuwait and 8 percent for Ooredoo Al- same period in 2020. Qatar, Kuwait, Tunisia, and Algeria. 2020, despite the challenges present- geria. We recorded 8 2 percent more Qatar National Cement The EBITDA growth rate stood at ed to us due to COVID-19.” customers for Ooredoo Oman and 9 Company was established in 7 percent and at 10 percent excluding “Our response to the pandemic 2 percent more customers for Asia- 1965 and was listed on Qatar FX impact. and our robust strategy enabled us to cell, Iraq. Ooredoo Tunisia recorded Stock Exchange in 1997, with a The company’s consolidated cus- report solid operational and financial positive trends for revenue with an capital of QR653,528,940. tomer base increased by 1 percent performance. The confidence of our increase of 8 percent. Looking ahead, Meanwhile Qatar Indus- due to growth in Indonesia, Oman customers resulted in an increase of Ooredoo Chairman Sheikh Faisal bin Ooredoo Managing Director Aziz we remain optimistic about Ooredoo trial Manufacturing Company and Iraq, offsetting the decline in our customer base by an additional Thani Al Thani Aluthman Fakhroo Group’s growth potential and we (QIMC) also announced on other markets. one percent. We continue to focus on believe that we have made the right Wednesday that the com- The Group’s net profit attribut- providing reliable connectivity and Ooredoo Managing Director Aziz growth of 10 percent. Our Net Profit investments to continue delivering pany regsistered a net profit able to shareholders turned negative innovative products to our customers Aluthman Fakhroo said, “The posi- was impacted by an impairment of long term value for our shareholders, of QR63.35 million in the first due to impairments (QR2,341 mil- and are proud to be leading in this tive trend in 2021 is even stronger ex- the operation in Myanmar due to the customers and countries in which we half of 2021 in comparison to lion, mainly from Ooredoo Myan- space,” Sheikh Faisal said. cluding the FX impact with revenue uncertain political environment. The operate,” he said. QR42.384 million for the same mar) partially offset by profit from Commenting on the results, growth of 5 percent and EBITDA loss was partially offset by gains from (SEE ALSO PAGE 9) period of the previous year. Economy & Business Thursday, July 29, 2021 09 UDC posts QR157 mn net profit in H1 Company sold 89 completed residential units across The Pearl-Qatar, 3 plots in Giardino Village and 13 plots in Gewan Island in the first half of 2021 TRIBUNE NEWS NETWORK DOHA UNITED Development Company (UDC), a leading Qatari public shareholding compa- ny and the master developer of The Pearl- Qatar and Gewan Island, on Wednesday, announced that the company registered a net profit of QR157 million and revenues of QR1.2 billion in the first half of 2021. The net profit attributable to the equity shareholders was QR136 million and basic earnings per share was QR0.038. Commenting on the results, UDC Chair- man Turki bin Mohammed Al Khater said, “In the first half of 2021, UDC achieved a sustainable performance by balancing de- velopment activities across The Pearl-Qa- tar and Gewan Island with a continued fo- cus on commercial activities. This strategy, coupled with our rich portfolio of projects UDC Chairman Turki bin Mohammed Al Khater has enabled UDC to sustain a diversified revenue stream.” Khater said, “The financialresults show positive improvement resulted from sales and leasing revenues, especially with the handover of the majority of UDC’s latest residential units at Al Mutahidah Towers at The Pearl-Qatar. Committing to high standards of design, build quality, and in- novation, UDC consistently offers premi- um experiences and lifestyle opportunities across market segments; and its properties continue to be highly sought-after by local and foreign investors.” “Looking ahead to the remainder of the year, UDC will continue working on the completion of the development plan for the projects under implementation, includ- UDC started leasing units in the Al Mutahidah Towers from June this year. UDC President Ibrahim Jassim Al Othman ing United School International as well as Floresta Gardens and Giardino Village retail leases in the past six months, covering ised, while development of Gewan Bridge area of 2,232 sqm and will feature many properties in a timely manner and provid- gated residential compounds at The Pearl- an area of 18,000 sqm including The Pearl- continues with the bridge deck scheduled facilities including fine dining restau- ing unparalleled residential developments Qatar and Crystal Residence apartments in Qatar Commercial Showrooms. The Pearl- to be completed by the end of 2021.” rants, climatised outdoor seating, as well that improve the lives of our residents, and Gewan Island that are aligned with estab- Qatar has also welcomed 20 new stores since Commenting on the Company’s ex- as a cigar lounge, several meeting rooms, reward shareholders and investors over lished plans and timetables. They reflect the beginning of 2021, with 50 more brands pected performance for the second half of and many more services that help create a the long term.” our commitment to preserving sharehold- expected to open by the end of this year.” the year, Othman said, “We will continue leisurely feel. UDC is a leading Qatari public share- ers’ and investors’ values,” Khater said. Othman pointed that residential oc- to exploit The Pearl-Qatar’s position as Qa- Also in Porto Arabia, UDC is prepar- holding company with a mission to identify UDC President and Chief Executive Of- cupancy also thrived with 103 new rental tar’s real-estate development of choice and ing to inaugurate a fine dining restaurant and invest in long-term projects contribut- ficer and Member of The Board Ibrahim Jas- contracts signed for UDC properties, while use our resources and experience to create ‘Shirvan Métisse Doha’ in partnership ing to Qatar’s growth and providing good sim Al Othman said, “The first half results UDC sold 89 completed residential units a sustainable commercial and social envi- with world-acclaimed Michelin star Chef shareholder value. Established in 1999, the are in line with UDC’s strategy to focus on across The Pearl-Qatar, 3 plots in Giardino ronment that contributes positively to the Akrame Benallal that will introduce an en- company was first listed on the QatarE x- delivering projects that are currently under Village and 13 plots in Gewan Island. project’s investment returns. In line with tirely new fusion concept inspired by Old change in June 2003. It has an authorised development and as per the target comple- Othman said, “Gewan Island develop- that strategy, we have launched leasing in Silk Road food cultures and will equally share capital of QR3.5 billion and total as- tion schedules. We are fully committed to ment works are progressing steadily as Al Mutahidah Towers last June and will be enrich The Pearl-Qatar’s gastronomy sets of QR20 billion as of June 30, 2021.