United Development Company’s Annual General Assembly approves 15% cash dividend company’s distribution

United Development Company (UDC), held its Annual Ordinary General Assembly Meeting on Tuesday, March 8, 2016 at 6:30 pm. The meeting was held at Marsa Malaz Kempinski Hotel, at The Pearl-Qatar.

The meeting was chaired by Mr. Turki Al-Khater, Chairman of the Board of Directors and attended by Board of Directors.

During the Ordinary General Meeting, all agenda items that proposed by the Board of Directors were adopted with respect to:

• Hear the Board of Director’s report on the Company’s activities and its financial position for the financial year ending December 31, 2015 and discussing its future plans.
• Hear the Auditor’s report on the Company’s financial position for the fiscal year ending December 31, 2015, and discussing the Company’s financial position, profit and loss accounts for the year ending December 31, 2015 and endorsing such financial statements.
• Discuss the Board of Directors’ recommendation regarding the distribution of QR 531,129,375 as dividends, such equivalent to 15% of the par value for QR 1.5 per share.
•  Discharge members of the Board of Directors from liability for the year ending December 31, 2015 and approve their remuneration.
• The Corporate Governance Report for the Year 2015.
• Election of members of the Board of Directors for the new turn 2016-2017-2018.
• Appoint the External Auditors for the fiscal year 2016 and determine their fees.

Mr. Turki Al-Khater, Chairman of Board of Directors presented the Company’s activities and its financial results for the year 2015.

Al-Khater said: “Net profit increased by 8% to QR732.8 million, compared to 2014, while the net profit attributable to owners of the Company stood at QR689.6 million, with an increase of 10% compared to 2014.” Al Khater explained: “By implementing our commitment to growth strategy and focus on core business, we have succeeded in 2015, in pursuing opportunities which drive business development in diverse and vital industries.”

Al-Khater went on to say: “The financial results for year 2015 reflect the positive performance and progress, leading the Company to propose dividend distribution of QR 1.50 per share, which is more than the last year by 20%. 2015 was a year of achievement for UDC and looking forward for the same in year 2016”.

Further, Mr. Al-Khater concluded by stating that our business plan includes several projects, which we will begin to implement during 2016 and the coming years, leading to the achievement of future goals, prosperity and ambition. Among these projects are the development of two residential towers in “Viva Bahriya” and development of “Giardino Villas” area, as well as contributing to the development of The Pearl Sea Resort and upgrading The Pearl-Qatar infrastructure in line with the current and future requirements.

On his part, Mr.Ibrahim Jassim Al-Othman, President & Chief Executive Officer commented that the growth in the Company’s net profit is coupled with the positive increase in earnings per share. Earnings per share for the year increased by 10% than last year reaching to QR. 1.95 per share. He also added that 2015 witnessed the issuance of the Company’s amended Organization Structure leading to optimizing cost that are necessary to carry out the Company’s commercial operations. 

Further, Mr.Al-Othman stated that the year 2016 will witness the execution of the Company’s strategy, of which main objectives are to concentrate on the core commercial activities and maintain appropriate level of recurring revenues in a way to meet the shareholders expectations.

During the General Assembly meeting the following persons were elected as members of the Board of Directors for three consecutive years, 2016-2017-2018.

Mr. Abdulla Ali Al Abdullah.

Mr. Turki Mohamed Khaled Al Khater.

Dr. Thani Abdul Rahman Al-Kuwari.

Mr. Abdul Rahman Abdullah Abdul Ghani.

Mr. Ali Hussain Ibrahim Alfardan.

Nawaf Ibrahim Al-Hamad Almana.

Mr. Abdullaziz Mohammed Al-Mana.

Colonel Nasser Hamad Ali Al Yousef Al Sulaiti.

Mr. Abdul Rahman Saad Zaid Al-Shitri.