Qatar UDC Q3 net profit up 11pc
Doha, October 23, 2010
United Development Company (UDC), one of Qatar's leading public shareholding companies, said its net profit for the third quarter rose 11 per cent to QR454 million ($124.7) compared to the same period last year.
Announcing the results, UDC chairman Hussein Al Fardan said the company's total assets surged 18 per cent to QR10.5 billion compared to December 2009. 'UDC’s reported gross profit stood at QR392 million,' he stated.
'The company’s earnings per share reached QR3.31 for the nine months of 2010 with a 10 per cent year on year growth,' Al Fardan added.
Al Fardan said the company was upbeat on its future prospects and had plans to issue a five-year convertible bond next year to raise further funding for subsidiary companies.
He attributed the company’s performance and continued success to 'strong management and a clear vision of what can be achieved as a result of Qatar’s economic stability which is maintained by foresight and leadership of Emir, Sheikh Hamad Bin Khalifa Al Thani.'
Khalil Sholy, managing director and president of UDC, said: 'We believe continued investment is extremely important, even in times of global economic slowdown and re-alignment.'
'By maintaining our focus on delivering high quality products and services across the group we have been able to deliver growth despite the challenging times,' he remarked.
Sholy said that UDC is confident that its business strategy is sound. “We continue to grow and deliver against our strategic objectives. While searching for new and innovative business ideas and opportunities to enhance synergy between our operating companies.”
Al Fardan pointed out that the results showed UDC was performing well against overall economic growth in the Qatar economy.
'Qatar GDP is currently growing at a rate of 20 per cent and IMF forecasts predict it will grow between 19-21 per cent in 2011,” he added.-TradeArabia News Service