UDC profit up 5pc to $106m
Doha, July 31, 2013
United Development Company (UDC), one of Qatar’s leading public shareholding companies and master developer of The Pearl-Qatar, recorded a net profit of QR389 million ($106.8 million) for the second quarter of this year.
The figure was 5 per cent increase over the net profit QR370 million in Q2, 2012.
Net profit attributable to owners of the company stood at QR325 million, compared to QR299 million during the same period last year.
Showing growth across its various portfolios, UDC posted a second quarter earnings per share of QR 0.96, up 8 per cent from the same period last year of QR0.89. Q2 gross profit was reported at QR508 million, compared to QR451 million for the same period last year.
“I am pleased with our performance as we continue to post excellent financial results,” said Sheikh Ahmed Bin Nasser Bin Faleh Nasser Al-Thani, chairman of the board. “Our outstanding results are largely attributed to Qatar’s economic growth and stability under the leadership of His Highness Sheikh Tamim Bin Hamad Bin Khalifa Al-Thani, the Emir of Qatar.”
Expressing satisfaction with the results and confidence in future growth, United chief executive officer Ebrahim Mubarak Al-Sulaiti said: "Our financial results for the first half of 2013 reflect solid performances by the company and its subsidiaries, and we are confident we will keep up this momentum in the second half of this year.”
He added: “As we move from strength to strength, we remain focused on finding the best value for our shareholders, while staying responsive to the needs of our clients, investors, residents and retailers.” – TradeArabia News Service