UDC's reports H1 profits of QR 241 million |
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Doha, Qatar - United Development Company (UDC)United Development Company (UDC)
, one of Qatar's leading public shareholding companies, reported net profits of QR 241 million for the first half of 2008, a 90% increase on the comparative period of last year reported at QR 127 million. UDCUDC's gross profit scored a 54% rise to QR 273 million, compared to QR177 million achieved during the same period last year. The company's earnings per share rose by 91% per cent, to 2.25 Qatari Riyals for the first half of 2008.
The Company reported total assets at QR 7.1 Billion and while net assets stood at QR 3.5 Billion.
UDCUDC Chairman Hussein AlFardan attributed the company's strong financial performance and continuous success to the outstanding growth of Qatar's economy under the astute leadership of His Highness the Emir and His Highness the Heir Apparent, which created the optimal business and investment climate for UDCUDC.
Khalil Sholy, Managing Director & President at United Development CompanyUnited Development Company said: "This half of 2008 demonstrates the ability of the UDCUDC Management team to adapt and continue to implement an evolving business model in a changing global economy and regional markets. UDCUDC's commitment to growth, social responsibility, and value creation, will continue to drive our efforts to become leaders in all areas of our diverse portfolio of businesses."
Commenting in the press conference, Abdullah Araj, Executive Vice President, Finance said "The financial statements reflect a healthy organization, with year on year improvement in all indicators and ratios." We are very pleased with the progress we have made and believe that the outlook remains very positive," he added.
United Development CompanyUnited Development Company is one of Qatar's leading public shareholding companies. During the past few years, UDCUDC has established successful strategic partnerships with major companies operating in diversified industries. UDCUDC's target areas of interest include: infrastructure and utilities, hydrocarbon and energy, urban development, environmental-related businesses and hospitality and leisure. UDCUDC is also the owner and developer of the flagship project, The Pearl-Qatar, one of the largest urban development projects in Qatar and one of the most lavishly designed in the world. The total cost of the island is in excess of QR50 billion (US$14 billion).
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About United Development CompanyUnited Development Company:
United Development Company (UDC)United Development Company (UDC) is one of Qatar's leading public shareholding companies. UDCUDC's mission is to identify and create opportunities that contribute to Qatar's growth and provide good shareholder value. The Company was established in July 1999 and has an authorized share capital of QR 1.0725 billion (US $294 million). It was listed on the Doha Securities Market in June 2003.
UDCUDC's target areas of interest include: infrastructure and utilities, hydrocarbon and energy, urban development, environment-related businesses, and hospitality and leisure.
From day one, the Company's mandate and mission has been to become a cornerstone in the development that the region is currently witnessing; creating lasting value and maximizing returns for partners and shareholders. Through a combination of project activities and commercial enterprise, UDCUDC has developed into the first-choice private sector joint venture partner for international investors in Qatar, and has successfully established new companies and investment vehicles across the region.
Since 1999, UDCUDC has moved from project research into development, production and operations. Project research has culminated into the successful creation of companies that are amongst the leaders in their related fields of industry. The Company prides itself in its ability to create quality investment opportunities both at home and overseas. The company is empowered to invest in financial instruments in Qatar.
UDCUDC's founders, who at launch held 45% of the shares, are among Qatar's most successful investors and developers. Other Qatari and GCC investors are also shareholders in UDCUDC.
For more information, please contact:
Mira El-Baphe
Senior Media Relations Officer
Tel: +974-5970433
Fax: +974-4438971
© Press Release 2008
from United Development Company
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