Doha, 21 April, 2012: United Development Company (UDC), one of Qatar's leading public shareholding companies, has reported another strong performance with a net profit of QR 196.794 million for the first quarter (Q1) of 2012, a 35% increase compared with Q1 2011.
UDC reports that total assets in the company increased to QR 20.495 billion which marks 8 % increase as compared to 31 December, 2011. The company's reported gross profit stood at QR236.036 million.
Hussein Alfardan, Chairman of UDC, attributed the company's financial success to the wise leadership of His Highness the Emir, Sheikh Hamad Bin Khalifa Al Thani and his prudent stewardship of the country's extraordinary development.
"We are fortunate to be operating in a country whose leadership has a strong vision for the future," Alfardan said. "These solid foundations allow companies like UDC to flourish and contribute to achieving the national vision and continuing to deliver opportunities to grow. The economic conditions and the potential for growth will allow UDC to continue to diversify. The international Monetary Fund predicts that Qatar's economy will grow by 6% this year, which presents us with even more opportunities."
Alfardan pointed to several notable achievements of UDC, master developer of The Pearl-Qatar, this year to date, including:
- Partner companies and subsidiaries have continually exhibited progressively stronger performances in recent years and have again shown growth in the first quarter of 2012;
- The opening of new outlets on the Pearl-Qatar;
- More than 5000 residents now living on The Pearl-Qatar
- The signing of an agreement with United Facilities Management company to provide five star services to residents and visitors of The Pearl-Qatar
He said 2012 will see the first residents move into The Pearl-Qatar's Venice-like community of Qanat Quartier as well as other significant milestones for the company and the development.
"As we move into a new phase of growth and consolidation, with a new leadership team in place, UDC is poised to cement its position as one of Qatar's leading shareholding companies and one of the most innovative in the Middle East," Alfardan said.
Established in 1999, UDC was listed on the Qatar Exchange in June 2003. Companies under its umbrella include United Fashion Company, United Hospitality Company and Ronautica Middle East. Companies established in 2011 under the umbrella of United Development Company include Madinainova, United Facilities Management Company and The Pearl Owners Corporation.
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About United Development Company (UDC)
Founded in 1999, United Development Company (UDC) has been listed on the Qatar Exchange since June 2003 and is one of Qatar's leading private sector shareholding companies.
The United Development Company was established with the vision to identify and invest in long-term projects contributing to Qatar's growth and providing lasting shareholder value.
UDC's target areas of interest include: infrastructure and utilities, energy-intensive industries, hydrocarbon downstream manufacturing, real estate, urban development, maritime and environment-related businesses, hospitality, retail and fashion, information technology, media and communications, insurance and other services.
UDC has shown an ability to attract and partner with the highest quality of international talent, bringing outside expertise to bear on significant developments in Qatar and beyond. It has also demonstrated a successful model for synergistic growth, creating and operating a diverse portfolio of substantial businesses that leverage off one another and generate additional revenue streams in new markets.
UDC's founders and current Board Members are among Qatar's most successful investors and developers. Thousands of Qatari shareholders hold 75 percent of the total shares and the remaining 25 percent are held by other GCC and international investors.
FOR MORE INFORMATION:
UDC Corporate Communications
corporatecommunications@udcqatar.com
© Press Release 2012
