Turki al-Khater (left) and Badr al-Meer: Enhancing market position.
United Development Company (UDC) has posted a first quarter net profit of QR360mn, up 57% on the same period last year.
Net profit attributable to owners of the company stood at QR352mn with earnings per share reaching Dh99 for the first quarter of 2014, compared with Dh59 in the same period of 2013; an increase of 68%.
UDC chairman Turki al-Khater said, “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.”
Al-Khater said UDC was fortunate to be operating in a “highly visionary and rapidly developing” country, and that this backdrop presented multiple opportunities for continuing the company’s sound financial performance.
UDC acting CEO Badr al-Meer said, “The first-quarter results reflect the steady performance anticipated 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 said.
UDC is one of Qatar’s leading shareholding companies. During the past few years, the company 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.