UDC posts 34pc increase in H1 profit
Doha, July 23, 2014
United Development Company (UDC), a leading Qatari shareholding company and master developer of The Pearl-Qatar, has reported a net profit of QR521 million ($143 million) in the first half of the year, up 34 per cent.
The net profit attributable to owners of the company stood at QR499 million compared to QR325 million for the same period last year, said a statement.
The earnings per share reached QR1.41 for the period, an increase of 53 per cent from the comparative period last year. The gross profit was reported at QR702 million, compared to QR508 million for the same period last year, it said.
Turki Al Khater, chairman and managing director, said: “I am pleased with our revenue performance as we continue to invest in our capabilities and grow our ranks with the aim of enhancing our market position while we pursue our long-term strategic initiatives."
“Our financial results for the first half of the year 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 said.
“Given this encouraging trend, UDC will continue to deliver strong results across the group, posting profit levels that are in line with the board’s expectations and demonstrating the company’s ability to perform in a very competitive marketplace,” he added.
The UDC has established successful strategic partnerships with major international companies operating in different fields over the past few years, said the statement.
Its target areas of interest included infrastructure and utilities, real estate, hydrocarbon and energy, urban development, environmental-related businesses, hospitality and leisure, fashion, information technology, business and facility management services. - TradeArabia News Service