United Development Company announces 2014 semi-annual financial results
United Development Company (UDC), a leading Qatari shareholding companies and master developer of The Pearl-Qatar, today announced another strong performance in the first half of 2014.
Net profit for the first half of 2014 stood at QR 521 million, compared to net profit of QR 389 million in the same period of 2013, an increase of 34%. The net profit attributable to owners of the Company stood at QR 499 million compared to QR 325 million for the same period last year.
Earnings per share reached QR 1.41 for the first half of 2014, compared to QR 0.92 in the same period of 2013, a healthy increase of 53% from the first six-month figures in 2013. Gross profit was reported at QR 702 million, compared to QR 508 million for the same period last year.
“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,” Turki Al Khater , UDC Chairman and Managing Director, said.
Al Khater predicted earlier this year during the Company’s Annual General Assembly that UDC’s results in 2014 will improve drastically and more visibly by mid-year.
“Our financial results for the first half of 2014 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. 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,” Al Khater further noted.
United Development Company is one of Qatar’s leading shareholding companies. During the past few years, UDC has established successful strategic partnerships with major international companies operating in different fields. UDC’s target areas of interest include: infrastructure and utilities, real estate, hydrocarbon and energy, urban development, environmental-related businesses, hospitality and leisure, fashion, information technology, business and facility management services.