United Development Company, the master developer of The Pearl Qatar, a man-made island in Doha, has approved cash dividends worth QR531.2 million ($146 million) to its shareholders for 2015.

The announcement to give dividends equivalent to 15 per cent of the par value for QR1.5 per share was made following the annual ordinary general assembly meeting yesterday (March 8) in Doha.

Speaking at the meeting, Turki Al Khater, the chairman of the board of directors said: "By implementing our commitment to growth strategy and focus on core business, we have succeeded in 2015, in pursuing opportunities which drive business development in diverse and vital industries."

The company's net profit increased by eight per cent to QR732.8 million, compared to 2014, while the net profit attributable to owners of the company stood at QR689.6 million, with an increase of 10 per cent compared to the year before.

"The financial results for year 2015 reflect the positive performance and progress, leading the company to propose dividend distribution of QR1.50 per share, which is more than the last year by 20 per cent. 2015 was a year of achievement for UDC and we are looking forward for the same in year 2016," he added.

On its future strategy, Al Khater said: "Our business plan includes several projects, which we will begin to implement during 2016 and the coming years, leading to the achievement of future goals, prosperity and ambition. Among these projects are the development of two residential towers in Viva Bahriya and development of Giardino Villas area, as well as contributing to the development of The Pearl Sea Resort and upgrading The Pearl-Qatar infrastructure in line with the current and future requirements."

Ibrahim Jassim Al Othman, the president and CEO, said this year will witness the execution of the company’s strategy, of which main objectives are to concentrate on the core commercial activities and maintain appropriate level of recurring revenues so as to meet the shareholders expectations.
 
During the meeting, the following members were elected to the board of directors for three consecutive years: Abdulla Ali Al Abdullah, Dr Thani Abdul Rahman Al Kuwari, Abdul Rahman Abdullah Abdul Ghani, Ali Hussain Ibrahim Alfardan, Nawaf Ibrahim Al Hamad Almana, Abdullaziz Mohammed Al Mana, Colonel Nasser Hamad Ali Al Yousef Al Sulaiti and Abdul Rahman Saad Zaid Al Shitri.-TradeArabia News Service