Q4 2024 United Development Company QPSC Earnings Call Transcript

Feb 12, 2025 / 10:00AM GMT

Release Date Price: ر.ق1.12 (-0.27%)

Transcript

Key Points

Positve

United Development Co QSC (DSMD:UDCD) achieved a revenue of QAR1 billion with a net profit of QAR427 million for the year 2024.
The company successfully completed the Crystal Walk and Crystal Residence projects, with handovers to customers underway.
The sale of a 40% share in Qatar Cool to QIA was successfully concluded, aligning with strategic objectives.
The company is progressing with the development of Gewan Island, including villas and a hotel, indicating ongoing growth potential.
The company maintains a 70% occupancy rate for both residential and retail units, reflecting strong demand and effective leasing strategies.

Negative

Depreciation costs have increased due to new units and hospital operations, impacting overall expenses.
The company reported impairments on investment properties and receivables, reflecting market conditions and collection challenges.
General and administrative expenses rose to QAR360 million, attributed to new business operations, including a hospital launch.
Only 40% of the 585 units in Gewan have been sold, indicating potential challenges in sales or market demand.
The company faces uncertainties in revenue recognition timing for Gewan units, dependent on customer readiness and payments.

Operator

Hello, and welcome to United Development Conference Call. Please note that this call is being recorded. (Operator Instructions) Now, I would like to hand the call over to Shahan. You may begin.

Shahan Keushgerian

QNB Financial Services - Analyst, Moderator

Thank you, and hello, everyone. I want to welcome you to UDC's fourth quarter and fiscal year 2024 financial results conference call. So on this call from management, we have Maher Naim, Executive Director of Financial Planning; and Karim Farhat, Executive Director of Finance. So as usual, we will conduct this call with first management reviewing the company's results, followed by a Q&A session.

I will now turn the call over to management. Please go ahead.

Maher Naim

United Development Company QPSC - Executive Director - Financial Planning

Hello, everyone. Nice to speak to you all. The financial statement for the year ended December 31, 2024, for United Development Company. The company has achieved a revenue of QAR1 billion with a net profit of

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