UDC announces 2013 results
United Development Company, a leading Qatari public shareholding company, announced on Tuesday, February 25, 2014 its financial results for the year 2013 with reported revenue of QR2.081bn for the year 2013. Net profit for the year ending December 31, 2013, reached to QR409m while the net profit attributable to owners of the company stood at QR323m.
The Company’s Board of directors recommended the distribution of 10% of the share’s par value as cash dividends (1 Riyal per share), in addition to 5% bonus shares.
UDC Chairman Mr. Turki Bin Mohammed Khalid Al Khater commended Qatar’s solid economic position and the expanding opportunities made possible by the stability and growth seen in the Country. Al Khater added: “Under the wise vision of the Country’s leadership, and the invaluable guidance of His Highness, Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, we are confident we are on the right track to succeed in 2014.”
“It is our endeavor to remain focused on our vision for expansion and operational excellence. We are confident of our ability to live up in our future achievements to the expectations of the shareholders, under a new management devoting its efforts and expertise to this end,” he added.
On his part, Engineer Badr Al-Meer, the Company’s Acting Chief Executive Officer, said that the Company will continue in 2014 to focus on the development of The Pearl-Qatar project, to attract more residents and investors to the island, and to examine new investment opportunities in line with the Company’s vision.
Al-Meer added: “2014 is an important platform for UDC, especially as it has initiated the beginning of the new year by signing new agreements to further develop the island, attract more residents, and expand its investment offerings. This indicates that TPQ represents a unique investment opportunity for investors and retailers who are looking to maximize their returns and diversify their investment portfolios. Fruits of labour by the dedicated management and employees of the company will be reflected in UDC’s operations in 2014, particularly in the building of mosques, schools, hospitals and other vital projects for the island.”
“The Pearl-Qatar has the potential to generating more revenues in the upcoming period. The unique positioning of the island makes it an ideal place for local and international retailers, looking for the ideal location for their outlets,” Al-Meer added.
He concluded saying that: “We are on the right track to diversify our revenue stream further in 2014 by launching new precincts at The Pearl-Qatar, bringing more residents to live in the island, and attracting new hospitality and retail investors, thus improving our margins and, ultimately, increasing profitability.”
Established in 1999, UDC was listed on Qatar Exchange in June 2003. Companies under its umbrella include United Fashion Company, Hospitality Development Company and Ronautica Middle East amongst many other. Companies established most recently under the umbrella of United Development Company include Madinainova, United Facilities Management Company and The Pearl Owners Corporation.
Mohamed Al Fatih Ahmed
Marketing & Communications Department
United Development Company
Direct: +974 4409 8530
Office: +974 44098 416