Qatari developer names new board
Doha, February 25, 2013
Union Development Company (UDC), a leading Qatari developer and the brain behind the country's man-made Pearl island project, has announced the appointment of its new board of directors at the company's AGM held recently in Doha.
The new board members are Abdulrahman Abdullah Abdulghani Nasser Al Abdul Ghani, Turki Mohamed Khaled Al-Khater, Sheikh Ahmed Bin Nasser Faleh Al Nasser Al-Thani, Ali Hassan Salem Abdullah Al-Khalaf, Moftah Jassim Mohammed Al-Moftah, Abdul Aziz Mohammed Hamad Abdullah Al-Mana, Dr Thani Abdul Rahman Shaheen Al Al-Sheikh Al-Kuwari, Rashid Hamad Arsheed Al-Farhood Al-Meadadi and Sheikh Ali Bin Ghanem Al Thani.
At the AGM, the company also ratified the appointment of Ernst & Young as its independent registered public accounting firm for the fiscal year ending December 31, 2013.
Announcing the new board, chairman Hussein Alfardan said, "Based on our solid 2012 results, we look forward to continued progress in 2013. We are confident in our future and in the new leadership directing our progress since April 2012."
"This dynamic, new management remains committed to operating United Development Company’s investments and interests in a responsible, transparent and sustainable manner, laying the cornerstone for the many new plans we’d like to charter for our future," he stated.
He pointed out that in 2012 the company had kept costs under control and increased revenue by more than 43 per cent, helping profits to climb and earnings per share to rise.
CEO Ebrahim Al-Sulaiti called for the reorganisation of the company to meet new challenges and sustain profitability and to continue this success
"We must also attract, develop, retain and inspire the best people at every level across our company and its subsidiaries. This will necessarily mean that we develop the Qatari workforce at UDC through effective recruiting, education and training," he stated.
“If we do this,” he concluded, “we will continue our progress and move forward in 2013 by increasing profits from sales and retail leasing as well as improving the performances of our various subsidiaries and partnerships.”
The Qatari developer had earlier reported revenue growth of QR2.73 billion ($750 million) for 2012, compared to QR1.91 billion a year ago, prompting it to propose dividend payment of QR1 per share.
While net profits increased 32 per cent to QR850 million for the year ending December 31, 2012, as compared to 2011, excluding revaluation gain on investment properties amounting to QR645 million, the profit attributable to owners of the company stood at QR730 million.
The company, which targets investment and joint venture opportunities in infrastructure, real estate, urban development, utilities, hospitality, retail and other service oriented businesses also reported a gross profit of QR1.08 billion, compared to QR783 million for the same year.-TradeArabia News Service