United Development Company Q.P.S.C. (UDCD) Earnings Call Transcript & Summary
May 1, 2024
Earnings Call Speaker Segments
Operator
operatorHello, everyone, and welcome to United Development Corporation conference call. Please note that this call is being recorded. I'd like to hand over to our moderator for today, Roy Thomas. Please go ahead.
Roy Thomas
analystHello, everyone. This is Roy Thomas from QNB Financial Services. I apologize for the delay that happened today due to some technical reasons. I want to welcome everyone to United Development Company's First Quarter 2024 Financial Results Conference Call. On this call from United Development Company we have Maher Omar Naim, the Executive Director for Financial Planning. We will conduct this conference call with management first reviewing the company's results followed by Q&A. I will turn the call now over to Maher Naim. Go ahead, Maher.
Maher Naim
executiveYes. Hello, everyone. This is Maher Naim presenting United Development Company financial results for the first quarter of the year 2024. The company have recognized a revenue of QAR 470 million with an overall net profit of QAR 76 million. While the net profit attributable to the equity holder of the company amounted to QAR 72 million, and the earnings per share reached QAR 0.02. The concentration of United Development Company is on Gewan Island completion, the projects related to Gewan Island, which we have the mixed use building with the residential buildings there and the retail units as well. And hopefully, everything is being executed as planned, and we can -- hopefully, we can see certain handover of the units towards -- in the year 2024, maybe towards the end of Q3 or beginning of Q4 2024. So we are continuing, as I said, with our development activities based on our plan. And the consideration is on Gewan Island, and hopefully, all the targets from a completion point of view will be achieved as planned. I now leave the floor to you, to all investors. So if you have any questions to answer, please.
Operator
operator[Operator Instructions] Looks like we don't have any incoming questions. If that's the case, I'd like to hand back over to our moderator for the final remarks.
Maher Naim
executivePlease make sure that there are no questions. If there are questions, I'm more than happy to answer all the questions.
Roy Thomas
analystYes. If that's the case, Maher, we will go -- I mean, if there are questions that the investors do put up, we will forward them across to you from QNBFS. And we would like to thank you for the results update, and we look forward to speaking to everyone for the second quarter 2024 results conference call.
Maher Naim
executiveOkay. Thanks a lot. And yes, we will be more than happy to answer any question being asked. Thanks a lot and we'll speak to you again, hopefully, for the financial results of Q2 2024. Thank you.
Operator
operatorThank you. Have a wonderful day, everyone.
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