UDC posts net profit of QR409mn in 2013

Al-Khater: Focused on expansion and operational excellence.

United Development Company (UDC) has posted a net profit of QR409mn in 2013, the company said yesterday.

The company earned revenue of QR2.08bn in 2013.

UDC’s board of directors has recommended a cash dividend of 10%, which translates into QR1 per share in addition to 5% bonus shares.

UDC chairman Turki bin Mohamed Khalid al-Khater said Qatar’s solid economic position and the expanding opportunities were made possible by the stability and growth in the country.

Al-Khater said, “Under the wise vision of the country’s leadership, and the invaluable guidance of HH the Emir, Sheikh Tamim bin Hamad al-Thani, we are confident we are on the right track to succeed in 2014.

“It is our endeavour 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”.

UDC acting chief executive officer Badr al-Meer said the company will continue in 2014 to focus on the development of The Pearl-Qatar (TPQ) project, attract more residents and investors to the island and to examine new investment opportunities “in line with the company’s vision”.

Al-Meer said, “2014 is an important platform for UDC, especially as it has initiated the 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 maximise their returns and diversify their investment portfolios. Fruits of labour by the dedicated management and employees of the company will be seen in UDC’s operations in 2014, particularly in the building of mosques, schools, hospitals and other vital projects at the island.

“The Pearl-Qatar has the potential to generate 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.

“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 the Qatar Exchange in June 2003. Companies under its umbrella include United Fashion Company, Hospitality Development Company and Ronautica Middle East. Companies established most recently include Madinainova, United Facilities Management Company and The Pearl Owners Corporation.