United Development Company announces Q1 2014 results

April 28, 2014 12:03 pm

United Development Company (UDC), a leading Qatari shareholding companies and master developer of The Pearl-Qatar, announced another strong performance in the first three months of 2014.

Net profit for the first three months stood at QR 360 million, compared to net profit in the first quarter of 2013 of QR 229 million, an increase of 57%. The net profit attributable to owners of the company stood at QR 352 million, with earnings per share reaching QR 0.99 for the first quarter of 2014, compared to QR 0.59 in the same period of 2013, a healthy increase of 68% from Q1 2013 figures. Q1 gross profit was reported at QR 307 million, compared to QR 277 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 , the Chairman of the Board of UDC, said.

Al Khater, who had predicted during last month’s Annual General Assembly that UDC’s results in 2014 will improve drastically starting with the first quarter results, added that United Development Company is fortunate to be operating in a highly visionary and rapidly developing country, and that this backdrop presents multiple opportunities for continuing the company’s sound financial performance.

According to United Development Company’s Acting Chief Executive Officer Badr Al-Meer, the results exhibited in the first quarter of 2014 reflect the steady performance he anticipates for the company throughout 2014.

He highlighted several notable achievements for UDC this period, including improved real estate sales and leasing figures, the opening of new retail outlets and popular restaurant chains in The Pearl-Qatar as well as improved performances of subsidiaries wholly owned and managed by UDC.

“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-Meer 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.