UDC net profit up 14% to QR537mn in 9 months

ASIF IQBAL

DOHA

UNITED Development Company (UDC), one of the largest public shareholding companies in Qatar, and the master developer of The Pearl-Qatar, on Monday reported an increase of 14 percent net profit to QR537 million for the first nine month of 2012.

According to a company statement, revenue of the company reached QR2.076 billion compared to QR 1.095 billion in the same period last year.

Earnings per share reached QR1.24 compared to QR 8.10 in the same period of 2011 due to the revaluation gain on investment properties, while total assets climbed to QR 19.494 billion 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 under the umbrella of United Development Company include Madinainova, United Facilities Management Company and The Pearl Owners Corporation.

Extending over an approximate area of 4 million square meters, The Pearl-Qatar is a first-class real estate development in the Arabian Gulf as well as one of the Middle East’s most fashionable and sophisticated locations for investors, retailers and visitors.

Earlier in April this year UDC appointed Omar Hussein Alfardan as Managing Director.

UDC has developed into the first-choice private sector and joint venture partner for international investors in Qatar, and has successfully established several new companies and investment vehicles across the region.

UDC reported extraordinary results for the 2011 financial year, recording a 511 percent increase in profits, QR3.772 billion, more than six times the profit achieved in 2010.

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.

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