DOHA: United Development Company (UDC), a leading Qatari shareholding firm, announced its financial results for the year 2015. The company reported net profit of QR732.8m as compared to QR 676.3m recorded in the 2014, an increase of 8 percent. The net profit attributable to owners of the company stood at QR689.6m, compared to QR625.6m in the same period of 2014 with an increase of 10 percent.
Chairman of the Board of UDC, Turki bin Mohammed Khaled Al Khater said: “The financial results for year 2015 reflect positive performance and progress, leading the Company to propose dividend distribution of QR1.50 per share, which is 20 percent up from the previous year. 2015 was a year of achievement for UDC and looking forward for the same in year 2016”.
Ibrahim Jassim Al Othman, President & Chief Executive Officer, stated that the increase in the Company’s net profit is coupled with the increase in the earnings per share. Earnings per share for the year 2015 stood at QR 1.95, an increase of 10% from the year 2014. Al Othman stated also that the year 2016 will witness the execution of the Company’s strategy focusing on the Company’s core activities, while devoted to meet the shareholders’ expectations.
The Board of Directors decided to hold the ordinary annual general assembly meeting of the Company on Tuesday, March 8, 2016 at Marsa Malaz Kempinski Hotel, Palazzo Ballroom, The Pearl-Qatar. In the absence of a quorum, the alternative meeting will be held on Monday March 14, 2016 in the same place and time. UDC targets investment opportunities in real estate, urban development and infrastructure with positive returns to shareholders.
