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UDC posts H1 profits of $97m

Doha, August 4, 2010

United Development Company (UDC), one of Qatar's leading public shareholding firms, has posted profits of QR353 million ($97 million) for the first half of the year.

“The bottom line stood at QR353 million, a 7 per cent increase from the same period last year; while earnings per share stood at QR2.54 for the six months ended June 30,” said Abdullah Araj, UDC’s EVP Finance.

“We continue to aggressively pursue a medium to long term view and investment strategy. This has seen our total assets cross the QR10 billion mark, a 13 per cent increase from the figures reported for December 31, 2009.”

“The Group operates via different entities, each specialised in its own field and at a different stage of its growth, and contribution.  We will continue to grow these entities, and seek new opportunities, that are aligned with our strategy,” he added.

UDC’s chairman Hussein Al Fardan said that the results showed that the board and management of UDC had the right strategy which is being effectively implemented to deliver the required levels of returns for investors and partners.

“We are now seeing the transformation of UDC into a sophisticated and complex holding company focused on providing excellent returns to its investors,” said Khalil Sholy, UDC’s managing director and president.

“The year 2010 has seen UDC develop as a group with all the subsidiaries showing growth and contributing to the success of the main company.”

“The Pearl has established itself as the leading urban development scheme in the region and residents, shoppers and diners are now enjoying the benefits of the Gulf’s premier development. We are looking for continued growth and economic stability in the second half of the year,” he added. – TradeArabia News Service




Tags: Qatar | profits | UDC | United Development Company | H1 |

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