United Development Company Q.P.S.C. ($UDCD)

Hello, and welcome to United Development Company Conference Call. Please note that this call is being recorded. [Operator Instructions]. Now I would like to hand the call over to Dana, you may begin.

Hello, everyone. This is Dana Al Sowaidi from QNB Financial Services. I would like to welcome everyone to United Development Company's First Quarter 2026 Financial Results Conference Call. On this call from management, we have Maher Omar, Executive Director, Investment and Development; and Karim Farhat, Executive Director of Finance. We will conduct this conference call with the management first reviewing the company's results followed by a Q&A session. I will now turn the call over to Maher. Please go ahead.

Hello, everyone. United Development Company, the financial results for the company for the first quarter of the year 2026, ending 31st March 2026. The company has achieved a revenue of QAR 459 million and a net profit of QAR 71 million, while the net profit attributable to the equity holder of the company is QAR 73 million. So -- and the company is still finalizing the main projects that the company has at the hotel -- Gewan Hotel project, which the company is working on currently. And while generating the profitability and other revenue from the continuous business stream that we have. retail and residential leasing income. And thus, the -- say the profitability has been achieved. I leave now the floor to anyone to ask questions.

[Operator Instructions] And your first question comes from the line of Adrian [indiscernible] Investment.

This is [ Muhammad Adnan ] from [indiscernible] Investment. I just wanted to ask like how the current situation right now are the people asking for the discounts on rents? Or have you provided any concession on grant? And how is the -- how are you guys looking this year for UDC? How is the outlook?

Well, we have not provided any grants or anything. It's still -- it's very short of a period. So -- and hopefully, things will get back to normal. And with the conflict here in the region will stop. But it is very obvious that there is a bit slow in the market and in all sectors, real estate, hospitality, retail, everything. So there is a bit of a slowness. But it's like everyone is doing, it's looking and waiting for things to end. And I am expecting that things hopefully will go back to normal gradually.

[Operator Instructions] The next question comes from the line of Adnan [indiscernible] Investment.

This is [ Charl ] from [indiscernible]. Just using Adnan's line. Just a question on the Gewan residential project. How much remain unsold and still in the inventory?

Well, we have sold and we have leased the majority of the project. Yes, in the magnitude of 20% to 25% has not been sold yet.

Okay. 20%, 25%. And on the -- on the hotel project, when is that expected to commence? The current year...

Yes. The construction is expected with a full handover to be by 31st March 2027.

[Operator Instructions] Thank you. There are no further questions. I will now turn the conference back over to Dana for some closing remarks.

If there are no more questions, we would like to thank the company's management for the results update and for taking the time to answer all queries, and we look forward to speaking to you all for the second quarter results.

Thank you very much.

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.