Qatari developer United Development Company (UDC) recorded an increase in 3Q 2016 net profit, according to Reuters’ calculations based on to a company statement on Tuesday.

UDC’s 9M 2016 revenues reached QAR 1.3 bn, marking an increase of 7% compared to the same period last year, while 9M net profits reached QAR 452 mn according to the company and QAR 451 mn according to Reuters.

Net profit increased three-fold to QAR 119.2 mn in the three months ending September, according to Reuters’ calculations, with net income up from QAR 37.9 mn from the same period last year. UDC is a conglomerate whose holdings include The Pearl Qatar development.