Published: Jul 24, 2014
Source: Peninsula Qatar

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MUDC net profit surges by 34pc to QR521m

United Development Company (UDC), a leading developer, recorded a net profit of QR521m for the first half of 2014, up 34 percent compared to the same period in 2013. The net profit attributable to owners of the company stood at QR499m compared to QR325m for the same period last year.

Earnings per share reached QR1.41 for H1, compared to QR0.92 in H1, 2013, a strong growth of 53 percent from H1, 2013. Gross profit was reported at QR702m, compared to QR508m. 

“I am pleased with our revenue performance as we continue to invest in our capabilities and grow our ranks with the aim of enhancing our market position while we pursue our long-term strategic initiatives,” Turki Al Khater (pictured), UDC Chairman and Managing Director, said.

Al Khater had said earlier this year that UDC’s results in 2014 will improve drastically and more visibly by mid-year. “We are confident we will keep up this momentum in the second half of this year. Given this encouraging trend, UDC will continue to deliver strong results across the group, posting profit levels that are in line with the Board’s expectations and demonstrating the Company’s ability to perform in a very competitive marketplace,” Al Khater said.

During the past few years, UDC has established successful strategic partnerships with major international companies operating in different fields. UDC’s target areas of interest include: infrastructure and utilities, real estate, hydrocarbon and energy, urban development, environmental-related businesses, hospitality and leisure, fashion, information technology, business and facility management services.

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