United Development Company posted a net profit of QR681mn in 2016, UDC said yesterday.
Net profit attributable to owners of the company stood at QR623mn with earnings per share of QR1.76, UDC said.
UDC chairman Turki bin Mohamed al-Khater said,“We should particularly remember 2016 as a year that saw our flagship project, The Pearl-Qatar, increasingly become a living, functional and dynamic entity as UDC has pumped investments into accelerating the pace of construction works, laying the foundations for rewarding and sustainable returns for coming years. Our positive financial performance, therefore, leads the company to propose dividend distribution of QR1.25 per share”.
Al-Khater also highlighted that in 2016 UDC saw an increase in the company’s revenue and operating profit, closely associated with UDC’s strategic emphasis on generating value to shareholders through focusing on core business functions. As such, revenue increased by 66% compared to last year and operating profit increased by 9% from last year.
Al-Khater added, “We are committed to working hard in order to provide long-term value for our shareholders as we remain focused on improving our business and creating profitable investment opportunities for shareholders.”
UDC president and CEO Ibrahim al-Othman said 2016 witnessed the execution of the first phase of the company’s five-year business plan.
He said, “This was achieved through the conclusion of a series of agreements to develop in The Pearl, attract more residents and retailers and promote investment opportunities. This shows that The Pearl-Qatar constitutes an integrated investment product for investors who are seeking to increase their returns and diversify their portfolios.”
Al-Othman said, “In 2016, UDC sold two plots of land for the development of residential towers in Viva Bahriya and completed the sale transaction of The Pearl Tower 2. The residential leasing volume witnessed an increase of 8%, while volume of residential sales in 2016 increased by 81%, compared to 2015. The volume of leased retail properties during the year 2016 also increased by 32% compared to last year.”
“There is no doubt that the outcome of relentless work done by UDC in 2016, will reflect on the company’s projects and investments during 2017, where we look forward to continuing the development of ‘Al Mutahidah Towers,’ with construction works already launched in 2016, as well as developing the infrastructure and 10 villas in Giardino Village, in addition to a school and hospital projects. Also in 2017, UDC will particularly concentrate on retail operations and vital utilities in ‘Qanat Quartier’, which is increasingly being recognised as a distinct destination of The Pearl”.
UDC said it “targets investment opportunities in real estate, urban development and infrastructure with positive returns to shareholders.”
Meanwhile, the board of directors has decided to hold UDC’s ordinary annual general assembly meeting March 13 at 4pm at The Pearl-Qatar’s Marsa Malaz Kempinski Hotel. In the absence of a quorum, the alternative meeting will be held on March 20.