UDC approves 10pc cash dividend
Doha, March 26, 2014
United Development Company (UDC), a leading Qatari shareholding company and the master developer of The Pearl-Qatar, has approved the distribution of 10 per cent cash dividend to its shareholders.
It also announced other resolutions adopted at its annual ordinary and extraordinary general meetings of shareholders, held recently at the Sharq Village & Spa Hotel in Doha.
The board approved the distribution of about 17 million bonus shares at the rate of five per cent, raising the company’s paid-up capital to QR3.54 billion ($971.3 million).
Turki Al Khater, chairman of the board, said: “While distributing cash dividends confirms our commitment to creating value for shareholders, it also inspires us to sustain profitability by seeking new growth opportunities for UDC.”
“Progress on a yearly basis is what this company is all about, and we can only achieve progress by focusing on growth and profitability, accelerating the development of new retail and residential districts in The Pearl-Qatar and committing resources to promising new ventures.”
Al Khater linked UDC’s progressive growth over its 14 years of operation to the outstanding performance of Qatar’s vibrant economy under the wise leadership of His Highness Sheikh Tamim bin Hamad Al Thani, Amir of Qatar.
“Our confidence is equally based on our success at sustaining the key partnerships and strategic investments we have set out right from the start. They have transformed us into the leading company we are today, and they continue to drive our performance and our prospects.”
UDC said that its total revenue last year amounted to QR2.081 billion, while net profit for the year ending December 31 reached QR409 million, and the net profit attributable to owners of the company stood at QR323 million.
The company’s areas of interest include infrastructure and utilities, energy-intensive industries, hydrocarbon downstream manufacturing, real estate, urban development, maritime and environment-related businesses, hospitality, retail and fashion, information technology, media and communications, insurance and other services. - TradeArabia News Service