QATAR: UDC’s net profit rises by 32% …in 2012 to QR730mn

Driven by growth opportunities in the country, United Development Company posted a net profit of QR730mn in 2012, UDC said in a statement last night.

Alfardan: ‘Solid results.’ Al-Sulaiti: ‘On track to diversify.’

The company earned revenue of QR2.73bn in 2012, compared with QR1.91bn in 2011, following which the company proposed a dividend payment of QR1 per share.

While net profits increased 32% to QR850mn for 2012, as compared to 2011, excluding revaluation gain on investment properties amounting to QR645mn, the profit attributable to owners of the company stood at QR730mn.

Earnings per share reached QR2.17 in 2012, compared to QR16.32 in the same period of 2011 due to revaluation gain on investment properties.

The company, which targets investment and joint venture opportunities in infrastructure, real estate, urban development, utilities, hospitality, retail and other service oriented businesses also reported a gross profit of QR1.08bn compared with QR783mn for the same year.

Total assets climbed to QR19.46bn, marking a “healthy increase” over 2011’s reported assets of QR19.05bn.

UDC chairman Hussein Alfardan attributed the company’s continued success to Qatar’s solid economic position and the expanding opportunities made possible by the stability and growth seen in the country.

“We are fortunate to be operating in a rapidly developing country, and are therefore able to report solid operating results in 2012.”

UDC Company CEO Ebrahim al-Sulaiti said the company’s focus in 2012 has been twofold—to attract investors to purchase plots of land available for investment at The Pearl-Qatar and to encourage more retailers to make the Island their primary location.

“The Pearl-Qatar represents a unique investment opportunity for investors and retailers looking to maximise their returns and diversify their investment portfolios,” al-Sulaiti said.

“The overwhelming sales and retail leasing response we’ve seen in 2012 shows how The Pearl-Qatar has captured investors’ imaginations, and its unique positioning makes it an ideal place for local and global retailers looking for the perfect location for their shops.”.

“We are on the right track to diversify our revenue stream further in 2013 by launching new precincts in The Pearl-Qatar, attracting new hospitality and retail outlets, selling more plots, improving our margins and, ultimately, increasing profitability,” al-Sulaiti added.

Source: Caye Global News, Gulf Times

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